Oil & Natural Gas Corp Ltd - Safe Bet

CMP: 296


Oil and Natural Gas Corporation Limited specializes in the exploration and production of crude oil and gas. The Company has joint ventures in oil fields in Vietnam, Norway, Egypt, Tunisia, Iran and Australia. The Group's other activities include deep sea explorations on the east and west coasts of India, and the exploration of coal bed methane.

ONGC is a large-cap and a Sensex stock. Its a safe bet at current levels with strong support at 260 levels. Its bullish on the chart at current levels. NPM is strong at 25%. Last 2 quarters have been exceptional in terms of revenue growth and PAT growth. NPM has spiked to 35% in the recent quarters which has pushed PAT growth to over 100% for the recent quarters YoY. An FPO is soon expected which should also be positive. Buy, Accumulate on dips and hold for long term gains.