| According to market sources, the counter witnessed fresh buying after a couple of foreign brokerage houses upgraded the target price for the ONGC stock which closed at Rs 834 as against its previous close of Rs 788. |
| More than 15.3 lakh shares were traded at this counter on the BSE. Investment bank UBS, in its latest report, has upgraded the target price of ONGC to Rs 970 as against Rs 850 earlier. |
| The report said: "After the hike in crude price and the assuming average ROACE/WACC of 3.0x, we get an estimated fair value of the stock at Rs 980." |
| Today's rise in the stock is also on the sharp rise in crude oil prices in the international market. Sources said this is expected to further improve the company's profitability. |
| ONGC's stock sale offer, which closed on Saturday, was subscribed nearly six times with the government offloading 10 per cent of the equity through the initial public offering route. |
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