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The stock market experienced a significant downturn, with the Sensex dropping by 500 points and the Nifty falling below 23,550. Shriram Finance, ONGC, and L&T emerged as the top losers in this decline. Investors are encouraged to stay updated on relevant market developments.
MSTC is in the spotlight following the Cabinet's approval for the strategic divestment of its 100% subsidiary, Ferro Scrap Nigam Limited (FSNL), to Japan's Konoike Transport for Rs 320 crore, expected to close by mid-January 2025. The company, which manages various e-bidding portals and has secured contracts for FM radio wavelength allocation, is exploring new revenue models in infrastructure as a service for sectors like recycling, mining, and e-commerce, as stated by Bhanu Kumar during the earnings call.
Prabhudas Lilladher has set a target price of Rs 271 for Oil and Natural Gas Corporation (ONGC), recommending an 'Accumulate' rating. The company's operating profit fell 2% QoQ to Rs 182.4bn, while PAT surged 34.1% to Rs 119.8bn, driven by increased other income and a lower tax rate. Despite a decline in oil and gas production, a 2% and 5% CAGR growth in production is anticipated over FY24-FY27E.
Oil and Natural Gas Corporation Limited
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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
Stock market declines as Sensex drops 500 points and Nifty falters
02:56 09.01.2025
MSTC Divests Ferro Scrap Nigam to Konoike Transport for 320 Crore
Japanese Yen
MSTC Limited
Oil and Natural Gas Corporation Limited
Konoike Transport Co.,Ltd.
Bhanu Kumar
Ramesh Damani
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11:29 05.12.2024
ONGC reports profit increase despite production decline maintains accumulate rating
07:50 13.11.2024
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