Stock market analysts have maintained ‘buy’ rating on ONGC stock with an intraday target of Rs 680.

According to analysts, interested traders can purchase the stock above Rs 665 with a strict stop loss of Rs 652. If the stock market remains on positive track, the stock pricing becomes more attractive, and reach above Rs 696.

Shares of the company, on Wednesday (Dec 31), closed at Rs 667.65 on the Bombay Stock Exchange (BSE). The total volume of shares traded at the BSE was 368580. Current EPS & P/E ratio stood at 84.77 and 8.02 respectively. The share price has seen a 52-week high of Rs 1356.70 and a low of Rs 538.10 on BSE.

The stock has great potential to rise on the back of healthy growth plans and well-built operating capabilities.

On Dec 31, ONGC Videsh (OVL), the overseas arm of ONGC, has finished Imperial Energy acquirement for GBP 1.3 billion (USD 1.9 billion) with around 96% of the London-listed firm’s stockholders consenting its offer of 12.50 pounds per share.

OVL wanted only 90% shareowners to sanction its contract that will result in delisting of Imperial, which has the majority of its energy assets in Russia.

It is also learnt that at the close of the offer period on Tuesday, approximately 96% shareholders tendered their shares and the complete acquisition and subsequent delisting may take 2-3 weeks.

On Dec 24, Samsung Engineering in association with Linde (Germany) has been awarded by ONGC Petro addition (OPaL) a new engineering, procurement, construction & commissioning order for a naptha and gas dual feed ethylene cracker division and related units plant worth approximately $1.43 billion (Samsung Engineering at USD 0.96 billion  and Linde at USD 0.47 billion ).

For the financial year 2008-09, ONGC, on Dec 19, declared the interim dividend of 180% for.

This interim dividend is on an expanded post-bonus equity capital of Rs 21,390 million and is priced at Rs 18 per share on equity share of Rs 10 each.

During fiscal 2005-06, the company (ONGC) announced an interim dividend of 250% and aggregate dividend of 450% amounting to Rs 64,170 million.

ONGC, on Dec 13, signed up a memorandum of understanding (MoU) with Indian Oil Corporation (IOC) for mutual co-operation in the fields of oil and gas exploration, production, and marketing.

Other stocks from the same sector that looks good for short-term as well as long-term trading includes GAIL, Cairn India, and Reliance Natura.