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Shares of ONGC jumped as much as 3.5%, their highest since May 15, after the company reported a net profit of ₹ 5,131 crore for the second quarter of the financial year 2017-2018,up by 3 per cent against the corresponding quarter previous fiscal.
The PSU stock opened the session up at Rs 187.70 against the previous close of Rs 183.55, hit an intraday high of Rs 189.80 and a low of Rs 186.50. In terms of equity volume, 11.05 lakh shares exchanged hands on the BSE in the evening trade.
The company shares ended higher by 1.69 per cent at Rs 186.65 on the BSE. On the NSE, the stock closed up by 1.28 per cent at Rs 186.35.
Reuters reports
“A good quarter helped by lower cost,” analysts at Jefferies wrote, hiking their target price to Rs 206 from Rs 200. ONGC stacks up well among peers with better through-cycle return ratios, the analysts added, maintaining a “buy” rating on the stock citing “inexpensive valuations".
22 of the 32 analysts covering the stock have a “buy" rating, while 10 have “hold"; median target price is Rs 198.5, according to Thomson Reuters data.
The stock had declined about 4 per cent this year up to Friday's close
The company had also recorded a 8 per cent increase in natural gas production and one per cent increase in crude oil production over the corresponding period last fiscal. At its 299th meeting, the company board also declared an interim dividend of 60 per cent or ₹3 on each equity share of ₹5.
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