Based on a rise in domestic oil & gas production and possible floor on gas realization, domestic brokerage firm Motilal Oswal reiterated its buy rating on ONGC NSE -0.96 % with a target price of Rs 198, implying an upside potential of 32% from the current market price of Rs 150 per share.
“The year 2023 is likely to be a defining year for ONGC with two prominent triggers. These are a) a rise in domestic oil & gas production, and b) a possible floor on gas realization. Both are likely to play out in favour of the company, an outcome that makes us pitch ONGC as the top idea for 2023 in the sector,” Motilal Oswal said.
