Buy ONGC With Target Of Rs 1400

Buy ONGC With Target Of Rs 1400Stock market analyst Sanjay Surekha has maintained 'buy' rating on Oil & Natural Gas Corporation Ltd (ONGC) stock with target of Rs 1400.

According to analyst, the interested investors can buy the stock with strict stop loss of Rs 1230.

Mr. Surekha said that the target will be achieved in a period of one month.

The stock of the company, on August 18, closed at Rs 1285.35 on the Bombay Stock Exchange (BSE).

The share price has seen a 52-week high of Rs 1346 and a low of Rs 1009.55 on BSE.

Current EPS & P/E ratio stood at 72.84 and 17.84 respectively.

In a reconciliation agreement with Vedanta Resources that bought majority equity stake in Cairn India, ONGC is expected to ask for being the operator of the prolific Rajasthan fields, in spite of being a minority stockholder in the venture with Cairn.

ONGC that possesses around a third of the Rajasthan fields generating around 60,000 barrels of oil per day aims the business enterprise to take advantage of its vast wealth of experience.

In a big boost to ONGC, the administration has sanctioned around 25% higher price for natural gas the state-owned company may develop from novel areas.