For Oil India stock, the consolidation zone around 480–490 is a key support, with the setup favouring further upside toward the 540–560 target zone in the near term, Shah said.
Brent Crude is trading near the $67 per barrel mark, with the rise attributed to extreme cold weather disrupting production across the US and indicating tighter supplies.
These vessels will be Indian-flag ships with a cargo capacity of one lakh cubic meters each. Their primary mission will be to transport approximately 600 KTPA of ethane to support OPal, a subsidiary of ONGC.
On Thursday, shares of ONGC rose 0.70 per cent to settle at Rs 244 apiece on BSE over its previous close of Rs 242.30.
This comes after the United States announced a 25% tariff on countries importing oil from Venezuela, prompting Reliance to halt its imports and receive its last delivery in May 2025
Indian upstream stocks were among the cheapest globally. On FY28 estimated EV/Ebitda, ONGC and Oil India traded at 2.6 times and 2.9 times, respectively, compared with a global average of 4.2 times.
Axis Capital said ONGC’s earnings are expected to moderate amid a weak crude oil price outlook. It said crude prices were likely to remain under pressure due to rising supply and muted demand.
Stocks to buy: Foreign brokerage CLSA called stocks such as ONGC and DLF as underdogs. It also likes NTPC. On ONGC, CLSA said the upstream stock is pricing in a Brent crude price lower than the current price.
The earnings upgrades were led by Kotak Mahindra Bank (6.6 per cent), followed by Mahindra & Mahindra (M&M), Maruti Suzuki India (1.8 per cent), Eicher Motors (1.8 per cent) and Tata Steel (1.4 per cent).
MOFSL tagged HPCL and MGL as momentum plays and Petronet LNG as a value play. HPCL is preferred among OMCs for its marketing leverage and catalysts such as the planned demerger
ONGC and Oil India are among the cheapest upstream stocks worldwide, trading on estimated FY28 EV/Ebitda at just 2.9x and 3.6x, compared to the global average of 4.2x (one year forward) and 4.0x (two year forward).
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