Buy Oil And Natural Gas Corporation, target price Rs 160.4: ICICI Direct

ICICI Direct has buy call on Oil And Natural Gas Corporation with a target price of Rs 160.4. The current market price of Oil And Natural Gas Corporation Ltd. is Rs 158.95. ICICI Direct recommended to keep stoploss at Rs 155.9. The timeline suggested for the given trade is Intraday.

Oil And Natural Gas Corporation, incorporated in the year 1993, is a Large Cap company (having a market cap of Rs 201095.76 Crore) operating in Gas & Petroleum sector.

Oil And Natural Gas Corporation key Products/Revenue Segments include Oil Crude, Gas Natural, Naphtha, Ethane, Propane, C2/C3 (Ethane/Propane), Butane, Other Operating Revenue, Aviation Turbine Fuel (ATF), HSD, Superior Kerosene Oil, LSHS, Mineral Turpentine Oil (MTO), Others for the year ending 31-Mar-2022.


Financials
For the quarter ended 31-12-2022, the company has reported a Consolidated Total Income of Rs 171041.32 Crore, up .03 % from last quarter Total Income of Rs 170984.28 Crore and up 15.71 % from last year same quarter Total Income of Rs 147814.67 Crore. Company has reported net profit after tax of Rs 10682.03 Crore in latest quarter.

The company’s top management includes Mrs.Pomila Jaspal, Dr.Prabhaskar Rai, Mrs.Reena Jaitly, Mr.Manish Pareek, Mr.V Ajit Kumar Raju, Mr.Syamchand Ghosh, Mr.G Srinivas, Mr.Pankaj Kumar, Mr.Anurag Sharma, Mr.Om Prakash Singh, Mr.Rajesh Kumar Srivastava, Dr.Alka Mittal, Dr.Madhav Singh. Company has S Bhandari & Co. as its auditors. As on 31-12-2022, the company has a total of 1,258 Crore shares outstanding.

Investment Rationale
Price sustaining above the recent supply line breakout area as buying demand emerged from the 50 days EMA signalling positive bias.

Promoter/FII Holdings
Promoters held 58.89 per cent stake in the company as of 31-Dec-2022, while FIIs owned 8.43 per cent, DIIs 19.26 per cent.