Harendra Kumar of Elara Capital feels that Oil and Natural Gas Corporation may go upto Rs 420.
Harendra Kumar of Elara Capital told CNBC-TV18, "Our top picks are Oil and Natural Gas Corporation (ONGC), Oil India and Mangalore Refinery and Petrochemicals Limited (MRPL). So ONGC at Rs 330 we had upgraded before the last bounce and we continue to stay positive. Two or three triggers, one is the average realisation will be clear, the government is going to go out and create a lot of sound bites for the disinvestment program in terms of no subsidy and overall valuations are also cheap for ONGC. So I think ONGC has a significant upside. Our target price is close to Rs 420 and eventually it will get there during this course of the year. So among the heavyweights it is a better play vis-a-vis some of the other industrials that business street is looking at."
At 12:13 hrs Oil and Natural Gas Corporation was quoting at Rs 347.95, down Rs 3.10, or 0.88 percent on the BSE.
The share touched its 52-week high Rs 472 and 52-week low Rs 264 on 09 June, 2014 and 04 February, 2014, respectively.
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