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ONGC share price in trade today on February 14, 2022 gained up to 4.87% to day's high price of Rs. 176.35 per share. This is also the stock's 52-week high.
The sharp gains on the oil drilling and exploration company have come off as the company has reported a 7 fold increase in net profit in the December ended quarter. The phenomenal earnings are in fact because of higher oil and gas prices. Geo-political tensions spurring between Ukraine and Russia. Brent crude at the time of writing this copy has moved past $95 per bbl with a gain of again 1 percent.
Net profit came in at Rs 8,764 crore in October-December 2021, surging 596.7 per cent over Rs 1,258 crore net profit in the same period a year back, the company said in a statement.
Meanwhile, on heightening Ukraine-Russia tensions, Indian markets have nosedived in trade today, with Nifty trading close to its day's low of 16916.55.
On the stock JP Morgan has maintained the buy rating with a target price of Rs.235 "It was a strong operating quarter and should improve, given the crude and gas price trajectory. It offers most attractive risk-reward in India energy space.The implied crude realisation for the quarter stood at $75.70/bbl", said the research company.
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