Shares of Oil and Natural Gas Corp. hit a 52-week high on Friday after it signed an agreement with Indradhanush Gas Grid Ltd. for the transportation of natural gas to Northeast Gas Grid.
The three hook-up agreements with Indradhanush Gas Grid Ltd. will help ONGC deliver 1.85 lakh standard cubic metres of gas per day from Jorhat and 82,500 scmd from Silchar in Assam, and seven lakh scmd from Tripura to its customers.
Shares of ONGC were trading 0.95% higher at Rs 169.40 apiece as of 12 p.m., compared to a 0.3% advance in the NSE Nifty 50. The stock had hit a 52-week high of Rs 169.75 apiece.
The stock's relative strength index stands at 68.49, indicating that the stock is neither overbought nor oversold.
Out of the 29 analysts tracking the stock, 20 maintain 'buy', five recommend 'hold', and four suggest 'sell', according to Bloomberg data. The average 12-month consensus price target implies a potential upside of 9.9%.
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