May 31, 2018 / 7:16 AM / 22 days ago

BUZZ-India's ONGC rises to one-week high; Q4 profit up 36 pct

** The oil and gas explorer’s shares gain as much as 3.7 pct to 180.35 rupees, their highest in over a week

** ONGC’s Q4 standalone profit rises 36 pct to 43.40 bln rupees, but falls short of analysts’ estimates of 63.70 bln rupees

** Analysts at Kotak Institutional Equities say Q4 profit was impacted by higher operating costs, statutory levies and exploratory write-offs

** High dividend income, impairment reversal and lower tax helped co to post y-o-y rise in profit, say Nomura analysts

** FY18 gas production up 6 pct, co expects similar production increase in FY19, add Nomura analysts

** More than 7.3 mln shares change hands vs the 30-day moving avg of 6.5 mln shares

** Twenty five of 32 brokerages rate the stock “buy” or higher, 6 “hold”; their median PT is 225 rupees, according to Thomson Reuters data

** Up to Wednesday’s close, stock had fallen 10.9 pct compared with a 6 pct decline in Nifty Energy index

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