ONGC

Maharatna ONGC is the largest crude oil and natural gas Company in India, contributing around 70 percent to Indian domestic production. Crude oil is the raw material used by downstream companies like IOC, BPCL, and HPCL to produce petroleum products like Petrol, Diesel, Kerosene, Naphtha, and Cooking Gas-LPG. This largest natural gas company ranks 11th among global energy majors (Platts). It is the only public sector Indian company to feature in Fortune's 'Most Admired Energy Companies' list. ONGC ranks 18th in 'Oil and Gas operations' and 183rd overall in Forbes Global 2000. Business Activity of the Company# Exploration:– Oil and Natural Gas Corporation Limited (ONGC) is a global energy holding company, engaged in the oil exploration, development, and production of crude oil and natural gas. Its segments include Exploration & Production (E&P), and Refining. # Drilling:– ONGC operates some 105 drilling and 74 work-over rigs. It is among the few companies in the world to have drilled 127 deepwater wells in diverse and challenging areas, establishing itself as one of the leading oil drilling companies in India. The financials of the company looks very good, RoNW is 11.44% and at CMP its looks very reasonably priced. Also company has dividend yield of above 2%. But, there is very little difference between CMP (Rs 148.5) and Buyback Price (Rs 159), and also acceptance ratio won't be very high. So we give NEUTRAL rating to this buyback.

• 1 Mr. Rajesh Pirogiwal
• 2 Mrs. Sunita Pirogiwal
• 3 Miss Tanvi Pirogiwal