Buy ONGC With Target Of Rs 340

Buy ONGC With Target Of Rs 340Technical analyst Jagannadham Thunuguntla of SMC Global has maintained 'buy' rating on Oil & Natural Gas Corporation Limited (ONGC) stock with a target of Rs 340.

The analyst said that the stock can attain the said target within a period of six months.

Today, the stock of the company opened at Rs 287.85 on the Bombay Stock Exchange (BSE).

The share price has seen a 52-week high of Rs 368 and a low of Rs 252.39 on BSE.

Current EPS & P/E ratio stood at 23.27 and 12.33 respectively.

ONGC has given orders to Aban Offshore worth Rs 620 crore for the deployment of two jack-up rigs for 3 years term each.

ONGC Videsh, the abroad division of publicly owned ONGC can lift up its equity stake in Kazakhstan`s Satpayev oil block to about 35% upon commercial discovery.

OVL inked a deal with Kazakhstan`s national oil company KazMunaiGas (KMG) to get hold of a 25% equity stake in the Caspian Sea block.