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| Analysts Upbeat About The Future Of ONGC |
June 28, 2003, ONGC News
ONGC’s explosive corporate performance in recent times appears to be only the tip of the iceberg, if perceptions of analysts are any yardstick. |
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In the second Investors’ Meet of ONGC held on June 25, 2003 in Mumbai, some of the prominent research analysts of the country were buoyant about the future prospects of the Corporation.
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Mr. Jal Irani, Vice President of ICICI Securities, opined that the true value of ONGC is yet to be reflected in the market. ”ONGC trades at less than half of its global peer group EV/E v/s R/P ratio valuations. Accelerated volume growth and gas price hike, imminent next month, would sustain strong earnings growth”, he remarked.
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Optimism abounded among the analysts after the Meet: a couple of images
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Mr. Jigar Shah, who heads the research wing of K R Chocksey, said: “ONGC, the most valuable company in India by market capiltalization, is on a high growth trajectory. It is on its way to be a truly integrated oil and gas player.”
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Mr. Vikash Bengani, Assistant General Manager of the ICICI Bank, was confident that ONGC is on the way to be the first true Indian “trans-national company”.
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The feat of ONGC, in cruising past the Rs 10,000 Crore milestone in profit, is being considered as a difficult one to match. Mr. Ravi Shenoy, Research Analyst of Birla Sun Life Securities Limited, observed “The company has surpassed the 10,000 mark. We do not see any other Indian company joining the league”.
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Since its corporatisation in 1993, ONGC’s fortunes have only headed north. Mrs. Ramni Nirula, MD and CEO of ICICI Securities, said “Within a short time of being unshackled from regulations, ONGC has indeed demonstrated explosive growth. We believe that this is only the beginning of high growth, sustainable over many years, which will eventually take ONGC into the league of global energy majors”.
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The presentation, given in the Investors’ Meet by ONGC’s C&MD Mr. Subir Raha, also received its share of praise. Mr. Sanjeev Prasad of Kotak Securities, opined that the presentation was very detailed. “What I liked best is, the annual accounts were given immediately, which otherwise, one has to wait for the CAG audits”, he remarked. Ms. Mayuri Yadav of Parag Parikh Financial Services Limited said “The information was very useful. The presentation was well done. There was no room for doubt or queries at the end of the presentation”.
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Presenting ONGC: The investors and analysts glued to the exposition.
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The institution of Investors’ Meet was started by ONGC last year, the one in Mumbai on June 25 being the second in the series. The investors and analysts were very keen to participate in the meets. Mr. Miten Lathia of SSKI felt that such meets provide a unique opportunity to learn about the company’s insights. “If one misses the Investors’ Meet, the information is not available elsewhere”, he commented.
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