Shares of Oil and Natural Gas Corporation jumped 5% to Rss 278.2 on BSE after Jefferies initiated a buy rating on the PSU stock with a target price of Rs 390. The brokerage expects strong free cash flow generation and consolidated net debt reduction on profitable production growth over FY24-26. It said that ONGC’s current valuation does not capture this adequately as the stock is trading at a steeper discount to nifty compared to long term average. It also warned investors that a sharp rise or fall in crude prices are the key risks for the stock.
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