It believes that strong earnings trajectory and potential of stake sales would be positive for the company.
Share price of Oil and Natural Gas Corporation (ONGC) added 2.3 percent intraday Friday as research house UBS maintained buy rating with a target of Rs 245 per share.
The company is deleveraging through the potential listing of OVL and non-core asset sales, said UBS.
There is an upside risk as stock currently discounting less than USD 50/bbl of net realisation.
It believes that strong earnings trajectory and potential of stake sales would be positive for the company.
At 10:40 hrs Oil and Natural Gas Corporation was quoting at Rs 174.20, up Rs 2.45, or 1.43 percent.
The share touched its 52-week high Rs 212.90 and 52-week low Rs 152.45 on 25 January, 2018 and 28 June, 2018, respectively.
Currently, it is trading 18.18 percent below its 52-week high and 14.27 percent above its 52-week low.
Posted by Rakesh Patil