Stock market analysts have maintained ‘buy’ rating on ONGC stock with an intraday target of Rs 1030.

According to them, interested traders can purchase the stock above Rs 1020 with a strict stop loss of Rs 1010. If the stock market remains positive, the stock pricing becomes more attractive, and reach above Rs 1035.

Shares of the company, on Tuesday (Aug 26), closed at Rs 1015.45 on the Bombay Stock Exchange (BSE). The total volume of shares traded at the BSE was 261357. Current EPS & P/E ratio stood at 86.13 and 11.88 respectively. The share price has seen a 52-week high of Rs 1386.90  and a low of Rs 780 on BSE.

The stock has good potential and it can still exhibit superb surge.

On Aug 26, ONGC Videsh (OVL), the international division of Oil and Natural Gas Corporation (ONGC) offer for UK based Imperial Energy was accepted by the directors of Imperial Energy. This acquirement will assist ONGC to improve its business growth prospective in the Tomsk area.

Norway-based StatoilHydro has decided to increase its equity stake to 30% in a significant gas block controlled by Oil and Natural Gas Corporation (ONGC) in the Krishna-Godavari basin.

ONGC also declared that its board of directors has sanctioned Rs 4.5 billion to augment its exploration and production capabilities.

Moreover, on Aug 18, ONGC announced that it will establish an integrated offshore supply base-cum-processing unit in Kona, Rajahmundry.

ONGC Tripura Power Co. (OTPC), a unit of Oil and Natural Gas Corporation (ONGC), has entered into a JV deal  with Bharat Heavy Electricals for establishing 726.6 mw capacity gas-based power project at Palatana in Tripura.

ONGC Tripura Power placed a Rs 22 billion order with BHEL for the combined cycle gas turbine (CCGT) based power project. The 363.3x2 mw combined cycle gas turbine power plant is being developed by OTPC at Palatana in south Tripura.

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