ONGC Gets Big Venezuela Boost! US Clears Overseas Arm’s Expansion; PSU Stock Recovers From Low | Buy or Sell?

ONGC Share Price Today: Oil and Natural Gas Corporation Limited's overseas arm received clearance from US Treasury's Office of Foreign Assets Control (OFAC) to expand its activities in Venezuela. The development would led ONGC Videsh Limited (OVL) to expand its activities in Venezuela.

Meanwhile, ONGC share price remained under pressure during Thursday's intraday trading session. ONGC stock was trading 0.04% lower at Rs 237.9 per share on BSE with a market capitalisation of Rs 2,99,284.84 crore. The company scrip had touched an intraday low of Rs 233.6 per share on BSE during Thursday's trading session. The stock touched an intraday high of Rs 239.50 per share.

ONGC Videsh Business Update

ONGC's overseas arm, ONGC Videsh, received approval from the US Treasury's Office of Foreign Assets Control (OFAC) to expand production in Venezuela. The approval would allow OVL to invest fresh money in its existing ventures and bolster its operational role in projects that are run by the government-backed oil firm PDVSA.

The immediate opportunity is centred on two projects where OVL already holds stakes, ie San Cristóbal field and the Carabobo-1 project.

ONGC Share Price Recommendation

Motilal Oswal maintained a 'Buy' rating for the stock with a target price of Rs 290 per share. It indicated a 23% upside in the Maharatna PSU.

ONGC Share Price Trend

The stock opened lower on Thursday. The PSU stock touched its 52-week high of Rs 307.50 per share on April 29, 2026, and its 52-week low of Rs 227.6 per share on June 30, 2026. Its share price has declined 19.2% in three months and around 9.38% in six months. The scrip value surged around 0.65% in one year and around 36% in three years.

Maharatna PSU reported a stronger-than-expected June quarter of financial year 2026-27. Its net profit more than doubled on a sequential basis. The profit jump was driven by higher realisations from premium-priced new well gas lifted earnings. The company's production remained largely flat. ONGC's net profit stood at Rs 17,033.81 crore in the June quarter against a profit of Rs 6,649.97 crore in Q4FY26. The company had reported a net revenue of Rs 46,460.45 crore in Q1FY27 against Rs 35,928.18 crore in the March quarter.

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