ONGC Share Price Target: The shares of  Oil and Natural Gas Corporation Limited surged over 2 per cent even as Sensex fell over 550 points and Nifty opened below 22,400 on Monday. The PSU stock opened at Rs 267.15 and surged 2.20 per cent to hit the day's high of Rs 271.50 on the BSE. The counter had closed at Rs 265.65 in the last trading session. 

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Last seen, the counter was trading at Rs 270.20. The stock of ONGC, which has a market cap of Rs 3,39,919, has a 52-week high of Rs 284.75 and a 52-week low of Rs 150.70. 

ONGC Share Price Target

Brokerage firm Jefferies has initiated a "buy" call on the counter amid attractive valuations. Jefferies has set a target price of Rs 390 per equity share. This is an upside of over 40 per cent from the current levels.

Jefferies on PSU Stock ONGC 

- ONGC Share Price Target - Rs 390

According to Jefferies, reforms in crude and gas pricing have improved ONGC's profitability above past decade averages.

The brokerage firm sees strong free cash flow generation and consolidated net debt reduction. 

"The valuation doesn't capture this adequately with stock trading at a steeper discount to Nifty compared to its long-term average. Sharp rise or fall in crude price are key risks," the brokerage firm said.

ONGC Share Price History

Share of state-owned company ONGC has given a multibagger return of over 156 per cent in the last three years. The counter rose over 69 per cent in one year and around 45 per cent in six months.

Meanwhile, Sensex and Nifty were in red amid escalating tensions between Iran and Israel, which have sent ripples across global markets. Last Friday witnessed a significant decline in both Sensex and Nifty 50, with each index experiencing a slump of around 1%. Sensex closed at 74,244.90, down by 793.25 points, while Nifty 50 settled at 22,519.40, down by 234.40 points.