ONGC hits another 52 week low

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Is it sinking ship ? or worth to start ride ?

ONGC

Oil and natural gas corporation hits fresh 52 week low of 97.45 rupees on NSE today and closed 0.61% low. In 2020, Stock had recorded high of 128.95 on first of Jan and is on falling spree since then. Falling revenue and profit also added to its fall. Company in standalone financial results reported fall of 14.4 % in gross revenue and 49.8% fall in net profit compared to same quarter last year.Net profit for current quarter( i.e Q3) is 4152 crores vs 8263 crores last Q3. (Source : ONGC )

Currently company is available at attractive valuations and is good bet for investors looking long term horizon.In fact, compared to global oil giants its valuation are cheepest (PE : 4.2).  Although in short term it may fall and find some support around 90-92 rupees. Top broking firms such as Nomura, Jefferies,  CLSA etc have buy rating on stock with price range of 155-180 rupees.

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