Buy Oil And Natural Gas Corporation, target price Rs 198: Religare Broking

Religare Broking has buy call on Oil And Natural Gas Corporation with a target price of Rs 198. The current market price of Oil And Natural Gas Corporation is Rs 185.45. Religare Broking recommended to keep stop loss at Rs 177.

Oil And Natural Gas Corporation, incorporated in the year 1993, is a Large Cap company (having a market cap of Rs 232609.36 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 30-06-2023, the company has reported a Consolidated Total Income of Rs 166367.12 Crore, down -.22 % from last quarter Total Income of Rs 166728.80 Crore and down -9.66 % from last year same quarter Total Income of Rs 184148.90 Crore. Company has reported net profit after tax of Rs 16857.22 Crore in latest quarter.

Investment Rationale
Multi-year breakout with volumes. Eyeing steady up move.

Promoter/FII Holdings
Promoters held 58.89 per cent stake in the company as of 30-Jun-2023, while FIIs owned 8.11 per cent, DIIs 19.82 per cent.