ONGC gains 2%, hits over 6-month high on hopes of strong earnings growth

According to Motilal Oswal, 2023 is likely to be a defining year for ONGC with two prominent triggers-- a rise in domestic oil & gas production, and a possible floor on gas realization

Shares of Oil and Natural Gas Corporation (ONGC) rose 2 per cent to hit an over six-month high of Rs 151.80 on the BSE in Thursday’s subdued intra-day trade on hopes of strong earnings growth ahead.

The stock of the state-owned oil exploration & production company was trading at its highest level since June 30, 2022. In comparison, the S&P BSE Sensex was down 0.36 per cent at 60,824 at 02:26 PM.

In the past three months, ONGC has rallied nearly 20 per cent as compared to a