TOP Gainer on Nifty Today: ONGC share price up nearly 4%, here is what Emkay has to say
ONGC share price: Emkay says that Oil prices near USD70/bbl and the rise in broader energy complex augur well for ONGC. FY22/23 earnings estimates and target price of Rs 130 are based on assumption of USD 55- 56/bbl Brent prices, and hence they have a material upside. Emkay estimates a 58% increase in the domestic gas price to USD 2.8/mmbtu GCV in Oct’21 as global gas benchmarks strengthen
Emkay says that Brent prices continue to hover near USD70/bbl, driven by the prospects of a global demand recovery and OPEC+’s production discipline: Reuters