ONGC strikes three new discoveries - Angel Broking

ONGC has notified three new discoveries, viz West Godavari PML block in KG Onland Basin, NELP block KG-OSN-2001/1, and Agartala Dome Extension- II PML. However, currently there is no clarity on the potential reserves, capex requirement, production timeliness etc.

Also, ONGC's Board has finalized on a capex of Rs. 4,050cr for its Mumbai High and two major process complexes which handle and process acidic and corrosive gases.

We continue to maintain our Buy rating on the stock with a target price of Rs. 356.

Source : Equity Bulls

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