NEW DELHI: Shares of Oil and Natural Gas Corporation (ONGC) swung between gains and losses in Friday's session, a day after it reported a 32 per cent drop in the fourth-quarter profit on increased statutory levies and impairment.The net profit for January-March at Rs 4,045 crore was 31.6 per cent lower than the net profit of Rs 5,915 crore in the same period of the previous fiscal year.
Oil production dropped 5 per cent to 4.8 million tonne, the price it realised for every barrel of crude oil sold was 3.6 per cent lower at $61.93.
The stock first fell over 1 per cent to Rs 167.15 and then climbed over 2 per cent to Rs 169.65 within the first hour of Friday's session.
Around 10:20 am, the scrip traded 0.18 per cent down at Rs 169.35 on BSE.
Even though the March quarter numbers were subdued, brokerages still showed faith in the stock.
CLSA reiterated buy recommendation on the stock with a target price of Rs 285, adding that the stock is at compelling valuations and offers higher dividend yield.
The brokerage highlighted that the new NDA government may take sRead More – Source