In its latest research report, Abhishek Jain, stocksidea. com, said that ONGC, which presently stuck in a band of 1040-1047, can give good returns in the short term.

The report further stated that, if the counter is successful to breach 1146, then it will create a huge breakout.

Abhishek Jain has advised investors to hold the stock to achieve a target price of Rs 1170.

Furthermore, Jain has suggested a support level for the scrip at Rs 921.

Shares of the company, on Friday (May 22), closed at Rs 1045.30 on the Bombay Stock Exchange (BSE). The share price has seen a 52-week high of Rs 1124 and a low of Rs 538.10 on BSE. Current EPS and P/E of the stock stood at 76.03 & 13.75 respectively.

Mr. Jain said that the stock is looking great to buy for short term traders as well as investors. So buy it and reap heavy returns.

ONGC, on May 22, said that it will pay Rs 8.52 billion for subsidizing petrol and diesel in Jan-Mar period but GAIL India has been spared from the subsidy burden.

The administration asked ONGC and OIL to pay Rs 9.43 billion as discounts on crude oil they sell to fuel retailers IOC, BP and HP.

On May 21, ONGC planned capex above Rs 200 billion for domestic activities during the 2009/10 fiscal year.

The company is into exploration and production of oil and gas, both onshore and offshore.

ONGC, which cancelled a five-year deal of rig supply with Great Offshore, is planning to issue new tender for the same order.

The Great Offshore rig, which is being made at Bharati Shipyard, was supposed to be furnished by 15 May. It could not be fabricated in due course because of the financial troubles and will now take about five months to complete it.