ET Intelligence Group: At a time when companies are refraining from issuing guidance, ONGC, India’s largest oil exploration company, has emerged as an exception. Despite the tough economic scenario, the company has retained its oil and gas production guidance for FY21. It also surprised the street with better than expected earnings for the June quarter. However, these factors may not help the stock much given the pressure on global crude oil prices, possibility of a price cut on domestic gas and uncertainty over the extent of dividends. The stock has underperformed the benchmark index by 22% in the past three months.
