{"id":9184,"date":"2023-12-20T12:09:16","date_gmt":"2023-12-20T12:09:16","guid":{"rendered":"https:\/\/roydadnaft.ir\/English\/?p=9184"},"modified":"2023-12-20T12:09:16","modified_gmt":"2023-12-20T12:09:16","slug":"ongc-oil-india-shares-rally-up-to-19-to-hit-one-year-highs-heres-why","status":"publish","type":"post","link":"https:\/\/roydadnaft.ir\/English\/9184\/","title":{"rendered":"ONGC, Oil India shares rally up to 19% to hit one-year highs; here’s why"},"content":{"rendered":"

RoydadNaft – <\/a><\/span>\u00a0ONGC jumped 5.79 per cent to hit a 52-week high price of Rs 212. The surge was even higher for Oil India as the stock zoomed 19.15 per cent to hit its one-year peak price of Rs 406.<\/p>\n

Various changes in windfall tax suggest the government is fine with ONGC and Oil India making net crude realisation of $75 a barrel, JM Financial stated.
\nVarious changes in windfall tax suggest the government is fine with ONGC and Oil India making net crude realisation of $75 a barrel, JM Financial stated.
\nShares of Oil and Natural Gas Corporation Ltd (ONGC) and Oil India Ltd soared in Wednesday’s trading session to scale their respective one-year high level. ONGC jumped 5.79 per cent to hit a 52-week high price of Rs 212. The surge was even higher for Oil India as the stock zoomed 19.15 per cent to hit its one-year peak price of Rs 406.<\/p>\n

Domestic brokerage JM Financial said ONGC and Oil India would be among the key beneficiaries as crude oil prices have stayed below $80 a barrel. Various changes in windfall tax suggest the Centre is fine with ONGC and Oil India making net crude realisation of $75 a barrel, the brokerage stated.<\/p>\n

It also mentioned that Brent crude price of $75-80 a barrel is a sweet spot for the two companies (ONGC and Oil India).<\/p>\n

Last seen, Brent crude futures was up 7 cents, or 0.09 per cent, to trade at $79.30. And, US West Texas Intermediate crude rose 13 cents, or 0.18 per cent, to $74.07.<\/p>\n

On technical setup, ONGC was trading higher than the 5-day, 10-, 20-, 30-, 50-, 100-, 150- and 200-day simple moving averages (SMAs). The counter’s 14-day relative strength index (RSI) came at 65.98. A level below 30 is defined as oversold while a value above 70 is considered overbought. The company’s stock has a price-to-equity (P\/E) ratio of 8.13 against a price-to-book (P\/B) value of 0.90.<\/p>\n

The stock saw heavy trading volumes today as 25.96 lakh shares were seen changing hands today. The figure was way more than the two-week average volume of 6.81 lakh shares. Turnover on the counter came at Rs 53.92 crore, commanding a market capitalisation (m-cap) of Rs 2,62,802.03 crore.<\/p>\n

Oil India shares witnessed high trading volumes as well. Around 16.93 lakh shares were seen changing hands. The figure was also sharply higher than the two-week average volume of 2.29 lakh shares. Turnover stood at Rs 64.50 crore with a m-cap of Rs 42,270.11 crore.<\/p>\n

The stock was also trading higher than the 5-day, 10-, 20-, 30-, 50-, 100-, 150- and 200-day SMAs. The counter’s 14-day RSI came at 79.84. The company’s stock has a P\/E ratio of 6.75 against a P\/B value of 1.<\/p>\n

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