Oil & Natural Gas Corpn Ltd (ONGC)

ONGC Stock Witnesses Positive Momentum - 03 May, 2024

Oil & Natural Gas Corpn Ltd (ONGC) experiences positive momentum as Jefferies maintains a buy rating with a target price of Rs 390, the stock hits a multi-year high of Rs 292.95, and there is a build-up of fresh long positions in the F&O market.

ONGC Aims to Boost Production Amidst Windfall Tax Increase - 02 May, 2024

India's largest oil and gas explorer, ONGC, is aiming to reverse declining production by increasing output from its Krishna Godavari basin. However, the government's increase in windfall tax may impact profits of crude oil producers such as ONGC and Oil India.

Government Cuts Windfall Tax on Crude Oil - 01 May, 2024

The Indian government has reduced the windfall tax on crude oil to Rs 8,400 per metric ton from Rs 9,600. This move is expected to benefit upstream oil exploration and production companies such as ONGC and Oil India Ltd as they will have to pay a lower tax on their crude.

Vikas Lifecare Announces Capacity Expansion for ONGC Petro Additions - 30 Apr, 2024

Del-credere agent Vikas Lifecare has acquired new land adjoining its existing factories in Rajasthan to expand capacity for ONGC Petro Additions. The expansion is expected to add Rs 60 crore to the gross revenues from compounding business segment.

ONGC Contributes 1.6 MMT to Domestic Crude Production - 25 Apr, 2024

In March, domestic crude production remained steady at 2.5 MMT with ONGC contributing 1.6 MMT and Oil India Limited at 0.3 MMT. The difference between domestic gas production and imports widened to 2,456 MMSCM.

Positive Analyst Outlook for ONGC Stock; Women Inducted in Deep-Sea Exploration Roles - 19 Apr, 2024

State-run ONGC has inducted women in deep-sea exploration roles with targeted safety initiatives. Leading analysts have turned positive on the stock due to rising crude prices and better capital allocation.

ONGC Receives FEED Contract & Analysts Maintain Overweight Rating - 18 Apr, 2024

Oil and Natural Gas Corporation (ONGC) receives Front End Engineering Design (FEED) contract and project management consultancy (PMC) services. Analysts maintain their overweight rating on ONGC with target prices ranging from Rs 304 to Rs 390 per share.

ONGC Aims to Boost Production from Krishna Godavari Basin - 17 Apr, 2024

The Indian government is pushing ONGC and Oil India Limited to boost production. ONGC plans to increase output by FY25, with new output from its Krishna Godavari basin expected to raise overall oil production by 11% and gas production by 15%.

ONGC Stock Gains Despite Windfall Tax Hike - 16 Apr, 2024

Despite the Indian government's hike in windfall gains tax on crude oil, ONGC stock gained 1.16%. Jefferies has rated the stock with a price target of Rs 390, while Ruchit Jain recommends buying at ₹280-277.

Jefferies Initiates Buy Call on ONGC Stock - 15 Apr, 2024

Global brokerage firm Jefferies has initiated a buy call on ONGC stock with a target price of Rs 390, citing positive outlook for crude pricing, reforms to gas pricing, and profitable production growth. Shares of ONGC surged by nearly 5% following the announcement. However, ONGC reported a YoY decline in consolidated net profit for Q3 FY24. The ongoing Iran-Israel conflict also led to a surge in ONGC and Oil India shares.

ISMT Wins Contracts Worth Rs 343.72 Crore from ONGC - 12 Apr, 2024

Oil and Natural Gas Corporation Limited (ONGC) has awarded two contracts worth a total of ₹343.72 crore to Indian Seamless Metal Tubes Ltd (ISMT) for the supply of regular casing pipes as per ONGC's specifications.

Maharashtra Seamless Bags ONGC Work Order Worth Rs 674 Crore - 11 Apr, 2024

Maharashtra Seamless has received a work order from ONGC valued at Rs 674 crore for the supply of casing seamless pipes. The contract is to be executed in 44 weeks.

Oil & Natural Gas Corp's Strong Fundamentals Warrant Further Research - 09 Apr, 2024

Oil & Natural Gas Corporation Limited has delivered a 72% return in one year with a low PEG ratio of 0.64, while an article suggests that the stock's strong fundamentals warrant further research despite declining revenue from operations.

Hike in Windfall Tax May Impact Upstream Companies' Profitability - 06 Apr, 2024

The recent hike in the windfall tax by the government is likely to impact the profitability of Indian upstream companies. However, analysts expect realisations to remain healthy at $70-75 per barrel. Rising crude prices may impact input costs for oil explorers such as ONGC and Oil India.

ONGC Shares Drop After Government Hikes Windfall Tax - 04 Apr, 2024

The Indian government's fifth hike in windfall tax on petroleum crude since February has caused shares of state-owned oil exploration & production companies like ONGC and Oil India to drop by 4%. Upstream oil companies also saw a decline of 2.1%-2.5%, with ONGC being the top Nifty 50 loser.