ONGC share price gains as crude prices surge on Israel-Hamas war
₹192.25 on 29th September, however had corrected more than 5% during the previous week as it stood amongst the largest losers amongst Nifty stocks, following correction in crude prices. The global slow down concerns had weighed on the crude prices during the last week that had otherwise been rising on supply side concerns due to production cuts by Russia and Saudi Arabia. The Israel Palestine Crisis now however is leading to the expectations of rebound in crude prices and remains supportive for ONGC stock prices.
Track market live here Oil prices jumped more than $4 a barrel in early Asian trade on Monday, as escalating geopolitical tensions in the Middle East following Palestine Israel Conflict aided the oil market. Any supply disruptions can from middle East following Israel Palestine conflict can lead to rise in Crude prices. Read all market stories here “We expect crude oil prices to remain volatile in today’s session," said Rahul Kalantri, VP Commodities, Mehta Equities Ltd.
Crude oil has support at $84.10–83.40 and resistance at $85.80–86.50 in today’s session. In rupee terms Crude oil has support at ₹6,800-6,740, while resistance is at Rs7,080–7,150 as per Kalantri. Track Israel-Hamas war updates live here For ONGC though adjustment by the government in windfall taxes keeps ONGC’s net realisations it earns on selling crude oil under check.
Nevertheless, ONGC is still earning healthy net realisations. During Q1 at standalone levels its net realisations stood at $76.5 a barrel, which were comparable to 77.1 a barrel seen in the previous quarter while it is estimates to earn net realisations of $82 a barrel during Q2 as per analysts at Motilal Oswal Finacial Services. ONGC’s adjusted profits are likely to rise to
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