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ONGC Shares Rise Over 2% as Crude Prices Surge
ONGC is a company that produces oil and gas.
Its shares rose by more than 2% on Thursday, 10 September.
Oil prices went above $101 per barrel.
This happened after tensions between the United States and Iran increased.
When oil prices rise, ONGC may earn more from the oil it sells.
The broader Sensex market index was falling at the same time.
Motilal Oswal believes ONGC could perform well over the long term and set a ₹290 target price.
However, the article presents this as an analyst view rather than a guarantee for investors.
ONGC shares opened at ₹236.30 and rose 2.6% to ₹239.85 on the BSE on Thursday, 10 September.
The rise came as Brent crude moved above $101 per barrel amid escalating tensions between the United States and Iran.
Higher crude prices can benefit ONGC because it sells oil produced from its upstream operations.
ONGC shares gained 3% in September after falling 4% in August, while remaining flat year-to-date.
Motilal Oswal upgraded ONGC to Buy and later raised its target price to ₹290, citing valuation, dividends and energy-security priorities.
- Who
- Oil and Natural Gas Corporation, or ONGC, and investors following its shares.
- What
- ONGC shares rose more than 2% as crude oil prices surged.
- Where
- On the BSE, while Brent crude traded in the global oil market.
- When
- Thursday, 10 September; the article also reports September and year-to-date performance.
- Why
- Escalating tensions between the United States and Iran pushed crude prices higher, potentially improving ONGC’s revenue and profitability.
Key facts
- Opening price
- ₹236.30, compared with the previous close of ₹233.80
- Intraday high
- ₹239.85, representing a 2.6% rise
- Crude price
- Brent crude traded above $101 per barrel
- September performance
- ONGC gained 3% after falling 4% in August
- Year-to-date performance
- ONGC was flat, compared with a 12% decline in the Sensex
- Brokerage view
- Motilal Oswal upgraded ONGC to Buy and set a target price of ₹290
- Dividend yield
- Motilal Oswal cited a one-year forward dividend yield of 6.9%
Sources
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