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    ONGC   INE213A01029

OIL AND NATURAL GAS CORPORATION LIMITED

(ONGC)
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Delayed NSE India Stock Exchange  -  07:25 2022-08-05 am EDT
136.50 INR   +0.18%
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Indian shares post first weekly gain in three on banking, auto boost

06/24/2022 | 06:27am EDT

BENGALURU, June 24 (Reuters) - Indian shares marked their first weekly gain in three on Friday, lifted by sharp gains in automakers and financial stocks, as a slide in commodity prices offered some respite from broadening inflationary pressures.

The NSE Nifty 50 index closed 0.92% higher at 15,699.25, while the S&P BSE Sensex climbed 0.88% to 52,727.98. Both the indexes posted weekly gains of 2.7%.

"The recent correction in the prices of several commodities, especially industrial metals, is providing some light at the end of the tunnel with hopes of some of the inflationary pressures easing out," said Milind Muchhala, executive director at Julius Baer India.

Prices of copper, a bellwether for economic output with its wide range of industrial and construction uses, are headed for their worst week in a year, while oil prices have slid on concerns over a slowdown in demand.

"The combination of softening inflation and a weakening economy can put the global central banks on some sort of a back foot and go less hawkish in their tightening cycle going ahead, which will be supportive of equities," Muchhala added.

The Nifty and the Sensex had fallen for two straight weeks on concerns of central bank aggression amid surging inflation.

The Nifty Auto index climbed 2% to an over three-week high on Friday after jumping 4.4% in the previous session, with Mahindra and Mahindra rising 4.6% to a record high. The Nifty FMCG index advanced 1.2%.

The Nifty Bank index rose 1.5%.

Shares of ONGC climbed 1.9% after the oil explorer said its unit struck oil in an onshore block in Colombia.

Hero MotoCorp closed 3.2% higher after the two-wheeler maker said on Thursday it would hike prices by up to 3,000 rupees to counter rapid inflation. (Reporting by Chris Thomas in Bengaluru; Editing by Maju Samuel)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
HERO MOTOCORP LIMITED -1.33% 2769.25 End-of-day quote.12.51%
LONDON BRENT OIL 1.21% 95.06 Delayed Quote.20.17%
MAHINDRA AND MAHINDRA LTD -2.05% 1235.9 Delayed Quote.47.63%
NASDAQ COLOMBIA 0.62% 319.270452 Real-time Quote.-12.71%
NIFTY 50 0.09% 17397.5 Delayed Quote.0.25%
NIFTY BANK 0.44% 37920.6 Delayed Quote.6.87%
OIL AND NATURAL GAS CORPORATION LIMITED 0.18% 136.5 Delayed Quote.-4.14%
S&P GSCI INDUSTRIAL METALS INDEX -0.11% 433.6864 Real-time Quote.-13.00%
SENSEX BSE30 0.15% 58387.93 Real-time Quote.0.23%
WTI 1.27% 89.151 Delayed Quote.16.80%
All news about OIL AND NATURAL GAS CORPORATION LIMITED
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Financials
Sales 2023 6 234 B 78 527 M 78 527 M
Net income 2023 478 B 6 027 M 6 027 M
Net Debt 2023 835 B 10 518 M 10 518 M
P/E ratio 2023 3,60x
Yield 2023 10,5%
Capitalization 1 717 B 21 629 M 21 629 M
EV / Sales 2023 0,41x
EV / Sales 2024 0,43x
Nbr of Employees 28 479
Free-Float 29,6%
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Mean consensus OUTPERFORM
Number of Analysts 23
Last Close Price 136,50 INR
Average target price 180,23 INR
Spread / Average Target 32,0%
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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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