Hold ONGC, target price Rs 66: ICICI Securities
ICICI SecuritiesNSE 9.66 % has given a hold rating to Oil & Natural Gas Corporation (ONGC) with a target price of Rs 66. OPEC+ virtual meeting is scheduled at 4pm Vienna time on April 9 to arrive at an output cut deal; Alberta and Norway will join the meeting. A meeting of G-20 energy ministers is likely on April 10 to get US, Canada and Brazil on board on output cuts.Share price of the company moved up by 3.36 per cent from its previous close of Rs 74.45. The last traded price is Rs 76.95. Incorporated in 1993, ONGC has a market cap of Rs 93408.57 crore.
Investment Rationale
Russia has said OPEC+ production cuts may be 10-12 million barrels/day or more and that it is working closely with the Texas oil regulator and US energy secretary to get the US to participate in the output cut deal.
