InvestorQ : How do you see ONGC stock after the latest quarter results?
manisha Kolvenkar made post

How do you see ONGC stock after the latest quarter results?

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Crowny Pinto answered.
2 months ago
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The numbers appear to be quite stretched on the downside. In fact, for the Jun-20 quarter, ONGC reported an 85% fall in net profits to Rs.1090 crore. Total sales revenues for the Jun-20 quarter fell by a whopping 43% to Rs.62,496 crore.

This fall in numbers was largely on the back of weak crude prices and lower demand from the refineries during the quarter. The demand pick will happen but price issue will remain. Lower gas prices also contributed to the fall in profits and revenues of ONGC.

In last few years ONGC has had a problem of depleting cash reserves after it paid billions of dollars for the acquisition of government stake in HPCL last year. It has typically been a sell on rises stock over the last few months.

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