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Key is keep your expectations low . When the expectations are low and companies deliver decent profit stock runs.
In last qurter ONGC profit was 2207 cr. That was 16% down compared to similar period last year. The crude reliation price or ongc was $43.4/barrel. Now there is hardly anything in ONGC hand regarding the crude selling price cuz it's determined by govt . Only thing ONGC can do is increase output to increase profit.I think profit will be further down since there is no additional significant addition in output. ONGC trading at 1000Rs i.e a P/E 0f 10. And if profit slides further p/e will go up. P/E of 10 or more is expensive for oil companies. Exon mobile trade at 8 p/e .I think it's time to sell ONGC.