Oil India, ONGC surge up to 6% in weak market on rising crude oil prices

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Oil India, ONGC surge up to 6% in weak market on rising crude oil prices - Business Standard

Quick Summary:

In one month, ONGC (down 6%) and Oil India (down 17%) have underperformed the Sensex, which down less than 1% as the lower crude price momentum has led to correction in state-owned upstream companies.

Thus, analysts have retained their estimates and even at $70/bbl Brent, SA (standalone) earnings per share (EPS) cut would be 6-9 per cent.

However, following the recent corrections, Motilal Oswal Financial Services believe that both ONGC and Oil India are now pricing in the realisation-related risks.