After making a high near 340 levels, the stock is taking support at its longterm support level of 230 and looks to regain its momentum to back at above 300 level due to following factors • With better volumes & realizations, Q3 net sales were 5% ahead of our estimates. • Reported EBITDA of Rs18,968 cr (up 11% yoy, 4% qoq) was 3% ahead of our estimates. • Net oil price realization of US$52.7/bbl (up 2% yoy) was 0.7% ahead. • Apart of KG-98/2, ONGC is optimistic on incremental gas production from Daman. • Stars seem to be in ONGC’s favor these days. • The windfall tax on oil is scrapped. It has classified 15% APM gas to NWG with prices benchmarked to an attractive 12% slope. • The appointment of BP at TSP improves the outlook for the key MH field and reduces policy risks. The ongoing ORD Act amendment will also be positive. • The rising production outlook and reduced policy risks are positives.

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