GAGA Share Market News

[hfe_template id='11223'] [ad_1] After witnessing a rally in Tuesday’s session, the shares of Oil and Natural Gas Corporation (ONGC) today continued their rally, surging 2.6% to their day’s high of Rs 270.50 on the BSE after the global brokerage firm CLSA upgraded its rating to ‘High Conviction Overweight-PF’. The brokerage firm had also set a target price of Rs 360 for the stock. CLSA cited several key factors driving this bullish outlook. The brokerage anticipates multiple volume and realization triggers for ONGC in 2025. A significant contributor to increased production is expected to be the ramp-up of ONGC's eastern offshore field to peak production. This ramp-up is projected to significantly boost the company's domestic oil and gas output. Furthermore, CLSA highlighted the potential removal of the windfall tax as a key positive catalyst. The removal of this tax could allow ONGC to achieve realizations higher than $75 per barrel if crude oil prices recover. T...

[hfe_template id='11223'] [ad_1] The shares of ONGC rallied 8% on Wednesday to its day’s high of Rs 329.50 despite the company reporting a 15% year-on-year (YoY) fall in its Q1 net profit at Rs 8,938 crore, which was below the ETNOW poll of Rs 9,539 crore. Revenue from operations in the same period increased 4% YoY to Rs 35,266 crore as against Rs 33,814 crore in the corresponding period of last year. During the reporting period, the total crude oil production fell marginally to 5.23 mmt, while the same from joint ventures stood at 0.35 mmt. The total gas production during the quarter also fell by 4% to 4.86 BCM in the first quarter under review. Here is how brokerages viewed the Q1 results of the company: Jefferies: Buy| Target price: Rs 410 Jefferies has maintained a buy rating on ONGC and hiked the target price to Rs 410 from Rs 390.The management reiterated its guidance of ramping up KG basin production from Q3 and achieving its peak potential by end-FY25.Final notif...