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State-run Oil & Natural Gas Corporation Ltd is a Maharatna schedule ‘A’ company. It contributes more than 75% of the domestic production of crude oil and natural gas. It also holds a majority stake in the refinery and retail petroleum supply company HPCL.
The company is holding its board meeting on September 1 to approve the company’s financial results for the June quarter and to consider raising funds to Rs.45000 crore through bank loan/issuing bond NCDs/overseas market.
On Monday (31st Aug), when Sensex fell by 839 points, ONGC was the only gainer (1.62^) along with IT major TCS.
As per our analysis, we have a Sell on the rise view on the Stock with Positional Stoploss above 87, target 70. Better one should avoid this.
Awesome article.