ONGC share news : Oil and Natural Gas Corporation’s stock fell 3% to a seven-month low on December 15 and was the top Nifty loser. Axis Capital has initiated coverage of the state-run company with a “sell” rating on the shares due to declining oil production and weak oil price outlook. Its effect has also been seen on this stock today. Domestic brokerage Axis Capital has given a price target of Rs 205 for the stock, which indicates a downside of up to 12 per cent from the current market price.
This is the first “sell” rating for ONGC since May and Axis Capital’s lowest price target after HSBC set a price target of Rs 200. Axis Capital says that ONGC’s production may decline further. The reason for its decline is the aging fields of the company. The brokerage also says that the outlook for crude oil prices remains weak. Brent crude price is estimated to be $66-$65 per barrel in FY26-27, which will put pressure on ONGC’s margins.
On December 15, around 2:00 pm, ONGC shares were trading 2 per cent lower at Rs 233 per share on the NSE. This stock continued its decline for the fourth consecutive session today and was the biggest falling stock in Nifty. So far on Monday, more than 85 lakh shares of the company have been traded on NSE, which is almost double the shares traded on Friday. So far in 2025, this stock has fallen 3 percent.
An increase was seen in oil prices on Monday. The increasing tension between America and Venezuela has created a fear of interruption in supply. However, the upside has been limited by oversupply concerns and hopes for a possible Russia-Ukraine peace deal.
ONGC’s net profit has registered an increase of 22% in the second quarter of this financial year. The company has earned a consolidated profit of Rs 9,848 crore. At the same time, in the last quarter the company had made a profit of Rs 8,024.23 crore. ONGC’s revenue in the second quarter increased by 3.2 percent to Rs 33,031 crore as compared to the previous quarter.
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