Oil and Natural Gas Corporation's (ONGC) stock remained stable despite a 142% year-on-year surge in Q2 consolidated net profit. The company posted a profit of Rs 16,553 crore, up from Rs 6,830 crore last year.
However, early trading showed a 0.23% decline in ONGC stock. The revenue from operations dropped by 12.9% to Rs 1.46 lakh crore. The board approved an interim dividend of Rs 5.75 per share.
While CLSA recommends a 'buy' with a target price of Rs 225, ONGC's declining production is offset by upcoming projects, including operations in Mozambique and new well drilling activities.