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Industrial Products India, Industrial Manufacturers & Suppliers
 




 
   
 
 
 

ONGC gains on broker upgrades

ONGC gains on broker upgrades

Oil and Natural Gas Corporation shares gained 0.86 per cent after Barclays and Credit Suisse upgraded the state-run refiner, citing valuations and upside to earnings. ONGC shares have lost 20 per cent since mid-May on concerns that a weakening rupee would make oil imports more expensive.

Credit Suisse said the government's gradual increase in fuel prices can be "a catalyst" for earnings, and upgrades the stock to "outperform" from "neutral". Yet Credit Suisse said at current valuations ONGC shares are pricing in no net gains from higher gas prices, lower government subsidy payments, minimal diesel price hikes and crude prices remaining at current levels in rupee terms.

Barclays also upgraded ONGC to "overweight" from "equal weight", while raising its earnings-per-share forecasts for fiscal 2014/2015 to 2015/2106 by 8 to 14 per cent to factor in higher gas prices. Barclays added lower retail fuel under-recoveries could even lift earnings further. The BSE Sensex was down 0.62 per cent, while the Nifty fell 0.72 per cent.

 
     
 
   
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