Shares of Oil and Natural Gas Corporation Ltd (ONGC) jumped 5% today to Rs 278.20 on BSE after global brokerage firm Jefferies initiated a buy call on the PSU stock for a target price of Rs 390.
While noting that the reforms in crude and gas pricing have improved the company’s profitability above past decade averages, Jefferies expects strong free cash flow generation and consolidated net debt reduction on profitable production growth over FY 24-26.
