Buy ONGC, target price Rs 123: Edelweiss

Edelweiss has buy call on Oil And Natural Gas Corporation with a target price of Rs 123. The current market price of Oil And Natural Gas Corporation is Rs 117.65. Time period given by analyst is Intra Day when Oil And Natural Gas Corporation Ltd. price can reach defined target.

Oil And Natural Gas Corporation Ltd., incorporated in the year 1993, is a Large Cap company (having a market cap of Rs 147944.08 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
Recently, the stock has given a follow through breakout to the previous rally.

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.

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