Karvy Stock Broking Limited has maintained ‘buy’ rating on ONGC stock with an intraday target of Rs 1080.

According to Karvy, interested traders can purchase the stock between Rs 1030-1040 with a strict stop loss of Rs 1010. If the stock market remains on positive track, the stock pricing becomes more attractive, and reach above Rs 1087.

Shares of the company, on Thursday (Sep 04), closed at Rs 1068.85 on the Bombay Stock Exchange (BSE). The total volume of shares traded at the BSE was 272394. Current EPS & P/E ratio stood at 86.13 and 12.21 respectively. The share price has seen a 52-week high of Rs 1386.90 and a low of Rs 780 on BSE.
 

Karvy continue to like the company due to its exclusive business model, well-built operating capabilities in addition to its new exciting projects and healthy growth plans.

The stock has great potential to go upside. It can still exhibit superb surge. The long term traders are recommended to hold the stock.

Oil and Natural Gas Corporation (ONGC) will treat the entire funding of USD 2.8 billion for the planned buy out of UK-based Imperial Energy Corporation through its overseas division ONGC Videsh as loan in its book.

The company’s directors also sanctioned investment of Rs 4.5 billion in order to strengthen its exploration and production abilities.

Moreover, it will establish an integrated offshore supply base-cum-processing facility in Kona, Rajahmundry.

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

Oil & Natural Gas Corporation (ONGC) registered a substantial growth in its standalone net profit for the three months period ended June 2008.

During the quarter, the company’s net profit arose 43.94% to Rs 66,363.30 million from Rs 46,105.30 million in the same quarter, last year.

The company reported earnings of Rs 31.03 a share during the quarter, registering 43.92% growth over previous year period.

Net sales during the quarter zoomed 46.50% to Rs 200,522 million as against analysts` forecast of Rs 149,418 million, whilst total income surged 45.27% to Rs 211,022.20 million, when compared with the prior year period.

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