Shares of Oil and Natural Gas Corporation Ltd (ONGC) rallied over 7% to reach an intraday high of Rs 329.65 per share on the NSE on Wednesday, August 7. This surge comes after multiple brokerage firms maintained bullish stances following the company’s first-quarter earnings report.

Brokerages on ONGC

Jefferies On ONGC

Jefferies has maintains a ‘Buy’ call on Oil and Natural Gas Corporation Ltd (ONGC) with a target price of Rs 390. According to their report, Q1 standalone EBITDA was 3% ahead of estimates, while domestic production was broadly in line with expectations.

The report adds realisations also slightly exceeded projections and Q1 PAT was in line with both estimates and consensus, despite being offset by higher depr…