ONGC Share Price Update
📈 International brokerage firm Jefferies has maintained its ‘Buy’ rating on ONGC shares. The brokerage firm stated that government policies at the central level will continue to be issued as before. This could lead to higher profits for government oil companies. On June 4, when the Lok Sabha election results were announced, investors had sold a large number of ONGC shares. The ONGC share had dropped by nearly 9% that day.
According to Jefferies, the recent decline in shares has now stabilized and could be an attractive entry point for investors. The brokerage firm has set a target price of ₹390 per share for ONGC, with a potential increase of up to 50% from current levels. On Wednesday (June 12, 2024), the share was trading 1.10% higher at ₹277.
ONGC shares opened at a high level on the NSE on June 11, trading at ₹269. The company’s shares have seen a 30.58% increase since the beginning of the year. Over the past year, ONGC shares have provided investors with a 73% return.
The brokerage firm mentioned that ONGC will increase production from the KG Basin in the current financial year. This could be a trigger point for the shares. It also advised keeping an eye on profit growth. Overall, Jefferies expects ONGC’s profits to be higher than the previous average.
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