Technical analysts believe that the ONGC stock has formed a higher top higher bottom structure, indicating a positive overall trend. Between 194 and 190 are the immediate supports.
According to a PTI report, ONGC wants to invest over 1 lakh crore in the development of two petrochemical plants that will directly transform crude oil into high-value chemical goods as part of its energy transition preparations. Senior company executives revealed this on Wednesday.
According to PTI, during an investor call on the company's second-quarter earnings, ONGC Director (Finance) Pomila Jaspal indicated that the company intends to build distinct oil-to-chemical (O2C) projects.
"We intend to invest a million rupees by 2028 or 2030 in two projects in two different states," said D Adhikari, Executive Director and Chief of Joint Ventures and Business Development at ONGC, during a conference call with investors. "Our plan is to raise petrochemical capacity to 8.5-9 million tonnes by 2030."
According to a CNBC-TV18 report, management anticipates starting oil production in November 2023 and gas production in May/June 2024, adding to the stock's positive sentiment. ONGC's stock price grew 42.26% in the last year, surpassing its industry by 36.35%, according to trendlyne figures.
"We are seeing a gap up opening , but no major traction post opening gains, overall the stock is in uptrend now placed around its all time high levels of 202 registered in 2014 (dividend adjusted) overall one should maintain positive approach as price can extend upmove towards 220 in the near term and any dip towards 194 - 190 should be bought into," said Rajesh Bhosale, an equity derivatives and One, in a note to investors.
ONGC released its July-September quarter results for fiscal 2023-24 (Q2FY24) on Friday, November 10, showing a 142% increase in consolidated net profit at 16,553 crore, compared to 6830 crore at the same time previous year.
