Stock market analysts have suggested a ‘buy’ for ONGC to achieve a robust intraday target between Rs 1266-1284, in today’s trading session.

The stock has gained 4.75 percent on 24 Dec, and marked its closure at Rs 1,247.40.

The company has a good business model, and it may soon come out with robust results. It is a brilliant stock, which has seen a 52 week high of Rs 1386.0 and a low of Rs 750. At current market price of Rs 1247, the stock is trading with a P/E of 15.64. The EPS stood at Rs 79.75.

Interested investors can purchase ONGC stock around Rs 1243-45 with a stop loss of Rs 1233.

As per profit and loss account, company has registered a net profit of Rs 15642.92 crore for year ended March 2007 and Rs 5097.48 crore for quarter ending September 2007.

GAIL, Cairn India and Reliance Natura are some stocks from the same sector, which looks brilliant for short term trading.

Oil and Natural Gas Corporation (ONGC) will supply natural gas for the proposed 104 mw gas based thermal project at Monarchak in West Tripura district.

Power Minister Manik De said that the decision was taken in a high level meeting between ONGC and North Eastern Power Corporation (NEEPCO) in Delhi. He said that NEEPCO was pursuing for gas since 2000 and with this assurance power generation was likely to be started from next year.

ONGC will sign agreement to supply 5 lakh cubic meter gas per day for Tripura for the next 15 years. The agreement is likely to be signed in February 2008.