Rs 5.75/Share Dividend, Record Date Nov 21: Buy PSU Gas Stock, TP Rs 235: Motilal Oswal

Brokerage firm Motilal Oswal has recommended investors to buy large cap petroleum and gas sector stock Oil and Natural Gas Corporation Ltd (ONGC) with target price of Rs 235 per share. Current market price of ONGC share on BSE is Rs 196.25 per share with intraday decline of 2.77% as on November 17, 2023. ONGC stock witnessed spurt in volume on Nov 17 by more than 2.06 times hit 52-week high on November 15 and November 16. ONGC also declared an interim dividend of Rs 5.75 per share on November 10 and record date is November 21, 2023. ONGC shares soared 37% in last 1-year and 175% in last 3-years. If you buy ONGC shares at last trading price of Rs 196.25, you can get likely return of 19.75%. Check details below:

ONGC To Trade Ex-Dividend Soon: According to the BSE filing of ONGC dated November 10, 2023, "Board has approved interim dividend of 115%, i.e. Rs 5.75 on each equity share of Rs 5. The total payout on this account will be Rs 7,234 Crore. The Record date for distribution of dividend has been fixed for 21 November 2023 which has been intimated to the stock exchanges."

ONGC Q2 Financial Results: The large cap PSU Maharatna company declared its revenue from operations at Rs 1.46 lakh crore, down 12.9% for the quarter ended September 30, 2023 as compared to Rs 1.68 lakh crore declared in the corresponding period of last year, according to its BSE filing. ONGC declared its total production fell 2.1% to 5.249 million metric tonnes (MMT) for Q2 from 5.360 MMT in Q2 FY 2023. Oil and Natural Gas Corporation's natural gas production slipped by 2.8% to 5.2 billion cubic meters (BCM) for Q2 as against 5.35 BCM last year.

ONGC Stock Performance & Return: Last trading price of ONGC stock on BSE is Rs 196.25 per share on BSE. Its 52-week high price is Rs 203.35 apiece and 52-week low price is Rs 132.95 apiece, respectively. The government backed company has a market capitalisation of Rs 2,46, 887.98 crore. ONGC stock gained 30.49% YTD, rallied 37% in last 1-year, and offered gain of 175% in last 3-years. ONGC shares gained 25% last 5-years, and rallied 8.89% in last 10-years.

About: Maharatna ONGC is the largest crude oil and natural gas Company in India, contributing around 71 per cent to Indian domestic production. Crude oil is the raw material used by downstream companies like IOC, BPCL, HPCL and MRPL (Last two are subsidiaries of ONGC) to produce petroleum products like Petrol, Diesel, Kerosene, Naphtha, and Cooking Gas LPG.

The stock has been picked from the brokerage report of Motilal Oswal. Greynium Information Technologies, the Author, and the respective Brokerage House are not liable for any losses caused as a result of decisions based on the article. Goodreturns.in advises users to check with certified experts before taking any investment decision.