ONGC jumps 3.6% on Goldman Sachs buy report

State-owned oil & gas producer Oil and Natural Gas Corporation (ONGC) rallied as much as 3.6 percent in early trade on Thursday as the research firm Goldman Sachs has recommended a buy rating on the stock with a target price of Rs 350.

While explaining the reason for buy rating, Goldman Sachs says, "Upstream companies seem relatively better placed if the recent spate of news on diesel price hikes and deregulation works out. In case of diesel deregulation, ONGC's fair value would be Rs 428 a share."

Sources say the oil ministry has proposed to hike diesel prices by Rs 3-4.50/litre and LPG by Rs 100 per cylinder of 14.2 kg. The ministry also proposed to quarterly hike of Rs 50 per cylinder till losses wiped-off, sources add.

Recently the oil ministry has proposed to raise diesel prices by Re 1 per month for 10 months and to increase the number of subsidised cylinders.

At 10:49 hours IST, the stock gained 1.95 percent to Rs 297.65 on Bombay Stock Exchange.

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