Buy ONGC, target price Rs 121.5: Edelweiss

Edelweiss has buy call on Oil And Natural Gas Corporation with a target price of Rs 121.5.

The current market price of Oil And Natural Gas Corporation Ltd. is Rs 114.55 .

Oil And Natural Gas Corporation Ltd., incorporated in the year 1993, is a Large Cap company (having a market cap of Rs 144170.00 Crore) operating in Gas & Petroleum sector.


Financials
For the quarter ended 31-12-2020, the company reported a Consolidated Total Income of Rs 102416.51 Crore, up 19.68 % from last quarter Total Income of Rs 85577.85 Crore and down -7.89 % from last year same quarter Total Income of Rs 111187.83 Crore. Company reported net profit after tax of Rs 3512.43 Crore in latest quarter.

Investment Rationale
The stock has made a base around the 110 levels. This strong base could propel the stock to higher levels. The RSI has also given a Bullish crossover which is a sign of bullishness.

Promoter/FII Holdings
Promoters held 60.4 per cent stake in the company as of Sept 30, 2020, while FIIs held 7.7 per cent, DIIs 17.5 per cent and public and others 14.4 per cent.

(Views and recommendations given in this section are the analysts' own and do not represent those of ETMarkets.com. Please consult your financial adviser before taking any position in the stock/s mentioned.)