ICICI Direct's research report on Oil and Natural Gas Corporation
Oil & Natural Gas Corporation (ONGC) is primarily engaged in exploration, development and production of crude oil and natural gas. ONGC’s crude oil production has been in the range of 54-63% of total domestic oil production in FY11-21 • ONGC is also a play on the refining sector via its subsidiaries.
Outlook
We value ONGC at Rs 185 i.e. Rs 161 for core oil & gas business and Rs 24 for subsidiaries and other investments.
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