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    ONGC   INE213A01029

OIL AND NATURAL GAS CORPORATION LIMITED

(ONGC)
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Delayed NSE India Stock Exchange  -  07:55 2022-08-11 am EDT
132.80 INR   -0.75%
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Indian shares fall; crude producers jump on sale deregulation

06/29/2022 | 06:37am EDT

BENGALURU, June 29 (Reuters) - Indian shares fell on Wednesday to snap a four-day winning streak as worries over inflation resurfaced amid surging oil prices, while domestic explorers rose in late trade after the country approved a plan to give marketing freedom to sell crude.

The NSE Nifty 50 index closed 0.32% lower to 15,799.10 and the S&P BSE Sensex slipped 0.3% to 53,026.97. The rupee dropped 0.25% to a record low of 78.97 per dollar.

Global stock markets slipped for the second consecutive day on Wednesday, while oil prices gained for a fourth straight session on fears of tight supplies.

Interest rate and inflation worries have kept the Nifty and Sensex on course for their worst month since the pandemic-hit March of 2020. The blue-chip indexes had lost nearly 9% this year.

Indian equity markets are likely to see their biggest foreign fund outflows this month since March 2020.

Overseas investors had offloaded a net $6.29 billion worth of equities this month, as of June 28, compared with a net selling of $4.63 billion in the same period last month, according to Refinitiv data.

Shares of crude producers Oil India and Oil & Natural Gas Corp ended 4.8% and 3.2% higher, respectively, after the India cabinet approved deregulation of sale of domestically produced crude oil.

On Wednesday, the Nifty Bank index slid 1.1%, while Reliance Industries, India's most valuable firm, helped plug some losses in the market with a 2.1% gain.

Tejas Networks jumped 7.5% after Japanese chipmaker Renesas said it would work with the company on wireless network solutions including 5G.

IT services firm Route Mobile fell 6.6% as investors were disappointed at the size of company's buyback and the open market route. (Reporting by Chris Thomas and Nallur Sethuraman in Bengaluru; additional reporting by Gaurav Dogra; Editing by Krishna Chandra Eluri)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
LONDON BRENT OIL -0.22% 99.08 Delayed Quote.24.53%
NIFTY 50 0.00% 17659.65 Delayed Quote.1.04%
NIFTY BANK 0.13% 38942.45 Delayed Quote.7.91%
OIL AND NATURAL GAS CORPORATION LIMITED -0.75% 132.8 Delayed Quote.-6.04%
OIL INDIA LIMITED 0.56% 187.95 Delayed Quote.-6.03%
RELIANCE INDUSTRIES LTD 0.33% 2591.1 Delayed Quote.9.05%
ROUTE MOBILE LIMITED -1.10% 1467.35 End-of-day quote.-17.55%
S&P GSCI CRUDE OIL INDEX -0.44% 510.3583 Real-time Quote.21.45%
SENSEX BSE30 0.88% 59332.6 Real-time Quote.0.97%
TEJAS NETWORKS LIMITED -0.74% 473.25 End-of-day quote.12.91%
WTI -0.21% 93.839 Delayed Quote.21.43%
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Financials
Sales 2023 6 234 B 78 330 M 78 330 M
Net income 2023 478 B 6 011 M 6 011 M
Net Debt 2023 835 B 10 492 M 10 492 M
P/E ratio 2023 3,50x
Yield 2023 10,8%
Capitalization 1 671 B 20 990 M 20 990 M
EV / Sales 2023 0,40x
EV / Sales 2024 0,43x
Nbr of Employees 27 165
Free-Float 29,6%
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Number of Analysts 23
Last Close Price 132,80 INR
Average target price 180,23 INR
Spread / Average Target 35,7%
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Managers and Directors
Alka Mittal Chairman, MD & Director-Human Resources
Pomila Jaspal Chief Financial Officer & Finance Director
Om Prakash Singh Director, Director-Technical & Field Services
Rajni Kant Secretary & Compliance Officer
V. Ajit Kumar Raju Independent Director
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