INSUBCONTINENT EXCLUSIVE:
A majority of brokerages maintained their bullish bets on Oil and Natural Gas Corporation as the upstream explorer came out with a robust
set of Q1 earnings numbers.
ONGC on Thursday reported a 58.15 per cent jump in net profit at Rs 6,143.88 crore for three months to June on
the back of higher crude prices and improved performance.
It had posted a net profit of Rs 3,884.73 crore in the same quarter last
year.
Revenue from operations during the quarter rose to Rs 27,212.83 crore, up 42.7 per cent from Rs 19,073.54 crore last fiscal.
JP Morgan
Debt for acquisitions has declined and should fall further
EBITDA remained above estimates while net profit came below expectations due to higher tax rates
ONGC is now the cheapest among global largecap EP
Nomura expects higher oil prices to drive 43 per cent EPS growth for ONGC in FY19.
The stock went up 1.30 per cent to Rs 168.15 at around
The BSE Sensex was up 0.69 per cent at 37,420 at around the same time.
