The price of oil and natural gas (ONGC) touched the highest 52 weeks of Rs 176.40, up nearly 5 percent at the beginning of trading on February 14 after the company reported December quarter income.
Major Mayun Ongo Owner reported on February 11 consolidation profit after tax (PAT) from RS 11,637 Crore for the third quarter ended December 2021, up 220 percent from the profit of RS 3,637 Crore reported in the same quarter last quarter.
In sequence, the profit was 38 percent lower than the rs of 18,749 crores in the previous quarter. ONGC has received suspended and current tax credits from Rs 9,320 Crore in the previous quarter of the current fiscal.
Adjusting tax credit, earnings for the quarter reported has increased by 23 percent in sequence.
Consolidated income for the quarter reached Rs 1.46 lakh Crore, up 45 percent from RS 1 Lakh Crore reported a year ago. Consolidated income in the previous quarter stood at Rs 1.22 Lakh Crore.
This is what the broker must say about the stock and the company posts the December Quarter:
JP Morgan.
The research house has maintained a ‘buy’ rating with a target at Rs 235.
It is a strong operating quarter and must improve, considering the trajectory of rough and gas prices. It offers the most interesting risk gifts in the Indian energy room.
Raw realization implied for the quarter reached $ 75.70 / bbl.
Citi.
Broking’s house has maintained a ‘selling’ call with a target at Rs 150.
It was lag at the EBITDA level, especially because Opex was higher, while the recent surge in raw made positive sentiment for now.
At 9:17 a.m., the oil and gas company quoted at Rs 172.70, up 4.45, or 2.64 percent, at BSE.
Sentiment can quickly reverse if and when crude oil prices come out.
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