External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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Thematic (Sector/Industry)

<ul><li>ONGC: We maintain our REDUCE rating on ONGC, with a revised target price of INR 245, given: (1) limited upside potential for ONGC’s crude price realisation in the current environment, (2) gas price realisation unlikely to change significantly in the near term, and (3) slower ramp-up in oil &amp; gas production</li><li>In Q3FY25, reported EBITDA at INR ~190bn (+11% YoY, +4% QoQ) and PAT at INR 82bn (-17% YoY, -31% QoQ) were in line with our estimate. Sundaram Finance: Sundaram Finance’s (SUF) Q3FY25 earnings were lower than our estimates, largely due to lower other income and higher provisioning (74bps)</li><li>AUM growth moderated marginally to +19% YoY (FY24: +27% YoY), although the disbursements witnessed an uptick (+19% YoY), driven by most segments</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

ONGC: We maintain our REDUCE rating on ONGC, with a revised target price of INR 245, given: (1) limited upside potential for ONGC’s crude price realisation in the current environment, (2) gas price realisation unlikely to change significantly in the near term, and (3) slower ramp-up in oil &amp; gas productionIn Q3FY25, reported EBITDA at INR ~190bn (+11% YoY, +4% QoQ) and PAT at INR 82bn (-17% YoY, -31% QoQ) were in line with our estimate. Sundaram Finance: Sundaram Finance’s (SUF) Q3FY25 earnings were lower than our estimates, largely due to lower other income and higher provisioning (74bps)AUM growth moderated marginally to +19% YoY (FY24: +27% YoY), although the disbursements witnessed an uptick (+19% YoY), driven by most segmentsContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HSIE Results Daily: ONGC, Sundaram Finance, Aarti Industries, Aptus Value Housing Finance India

Oil and Gas, Mint Finance

Suhas Reddy

Oil and Gas

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

Commodities

<ul>
<li>For the week ending 03/Jan, U.S. crude inventories fell by 1m barrels, missing expectations of a 1.8m barrel decrease. Gasoline and distillate stockpiles rose more than expected.</li>
<li>U.S. natural gas inventories fell by 40 Bcf for the week ending 03/Jan, moderately beating analyst expectations of a 39 Bcf drawdown. Inventories are 6.5% above the 5-year seasonal average.</li>
<li>Analysts lowered 12-month PTs on Exxon, BP, Halliburton, TotalEnergies, and SLB. Morgan Stanley upgraded rating on Shell to Overweight and raised PT to USD 79.8 from USD 66.5.</li>
</ul>


For the week ending 03/Jan, U.S. crude inventories fell by 1m barrels, missing expectations of a 1.8m barrel decrease. Gasoline and distillate stockpiles rose more than expected.
U.S. natural gas inventories fell by 40 Bcf for the week ending 03/Jan, moderately beating analyst expectations of a 39 Bcf drawdown. Inventories are 6.5% above the 5-year seasonal average.
Analysts lowered 12-month PTs on Exxon, BP, Halliburton, TotalEnergies, and SLB. Morgan Stanley upgraded rating on Shell to Overweight and raised PT to USD 79.8 from USD 66.5.


[ETP 2025/02] Bearish EIA Inventory Report Drags WTI Prices, Henry Hub Rebounds on Tightening Supply

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

<ul>
<li>GMR Group secures Rs. 6,300 crore investment from Abu Dhabi Investment Authority (ADIA) to reduce debt of GMR Enterprises Pvt Ltd. </li>
<li>
<a href="https://www.smartkarma.com/entities/oil-natural-gas-corp-ltd" target="_blank" data-smartkarma-citation="entities:3456:1" rel="noopener">Oil &amp; Natural Gas Corp (ONGC IN)</a>  has partnered with BP to enhance production at the Mumbai High fields, projecting a $10.3 billion revenue increase over the next decade. </li>
<li>Private equity investments in India surged to $15 billion in 2024, a 46% increase, driven by sectors like healthcare, technology, and consumer industries.</li>
</ul>


GMR Group secures Rs. 6,300 crore investment from Abu Dhabi Investment Authority (ADIA) to reduce debt of GMR Enterprises Pvt Ltd. 

Oil &amp; Natural Gas Corp (ONGC IN)  has partnered with BP to enhance production at the Mumbai High fields, projecting a $10.3 billion revenue increase over the next decade. 
Private equity investments in India surged to $15 billion in 2024, a 46% increase, driven by sectors like healthcare, technology, and consumer industries.


#84 India Insight: GMR Secures ₹6,300 Cr Inv, ONGC-BP Partnership, 46% Rise In Indian PE Investments

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

<ul>
<li>India Inc. leaders have been outperformers as compared to global peers on the back of strong ROE and EPS growth over the years.</li>
<li>India Inc has a higher % of companies with better RoE than the rest of the world.</li>
<li>Key takeaways for investors: Avoid macro noise, focus on fundamentals with peer comparison</li>
</ul>


India Inc. leaders have been outperformers as compared to global peers on the back of strong ROE and EPS growth over the years.
India Inc has a higher % of companies with better RoE than the rest of the world.
Key takeaways for investors: Avoid macro noise, focus on fundamentals with peer comparison


Chartered Insights: Why Indian Businesses Outperform: A Data-Driven Perspective

<ul>
<li>PFC and BEML Sign MoU for Defence and Infrastructure Projects</li>
<li>Zee Entertainment Seeks Settlement with SEBI Over the Governance Issues</li>
<li>ONGC and BPCL Search for Global Partners to Build Greenfield Refineries</li>
</ul>


PFC and BEML Sign MoU for Defence and Infrastructure Projects
Zee Entertainment Seeks Settlement with SEBI Over the Governance Issues
ONGC and BPCL Search for Global Partners to Build Greenfield Refineries


# 66 India Insight: Power Finance & BEML MOU Zee Entertainment Governance Issue, ONGC & BPCL MOU

India

Oil & Natural Gas Corporation (ONGC) is India's largest crude oil and natural gas company, engaged in the exploration, development, and production of oil and gas. It supplies crude oil, natural gas, and value-added products to major Indian oil and gas refining and marketing companies. The company is headquartered in New Delhi, India, and was founded on August 14, 1956.

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Oil & Natural Gas Corporation (ONGC IN)

HSIE Results Daily: ONGC, Sundaram Finance, Aarti Industries, Aptus Value Housing Finance India

We maintain our REDUCE rating on ONGC, with a revised target price of INR 245, given: (1) limited upside potential for ONGC’s crude price...

HDFC Securities

[ETP 2025/02] Bearish EIA Inventory Report Drags WTI Prices, Henry Hub Rebounds on Tightening Supply

US crude inventories fell less than expected, while gasoline and distillate stockpiles rose; nat-gas withdrawal beat expectations. Analysts...

Mint Finance

#84 India Insight: GMR Secures ₹6,300 Cr Inv, ONGC-BP Partnership, 46% Rise In Indian PE Investments

GMR Group secures Rs. 6,300 crore investment from ADIA, ONGC partners with BP for revenue increase, private equity investments in India surge to...

Sudarshan Bhandari

Chartered Insights: Why Indian Businesses Outperform: A Data-Driven Perspective

Indian companies have outperformed global peers with strong ROE and EPS growth, emphasizing the importance of focusing on fundamentals and peer...

Nimish Maheshwari

# 66 India Insight: Power Finance & BEML MOU Zee Entertainment Governance Issue, ONGC & BPCL MOU

Indian companies PFC, BEML, Zee Entertainment, ONGC, and BPCL are making strategic moves in defense, infrastructure, governance, and green energy...

Sudarshan Bhandari

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

HSIE Results Daily: ONGC, Sundaram Finance, Aarti Industries, Aptus Value Housing Finance India

We maintain our REDUCE rating on ONGC, with a revised target price of INR 245, given: (1) limited upside potential for ONGC’s crude price...

HDFC Securities

[ETP 2025/02] Bearish EIA Inventory Report Drags WTI Prices, Henry Hub Rebounds on Tightening Supply

​US crude inventories fell less than expected, while gasoline and distillate stockpiles rose; nat-gas withdrawal beat expectations. Analysts...

Mint Finance

#84 India Insight: GMR Secures ₹6,300 Cr Inv, ONGC-BP Partnership, 46% Rise In Indian PE Investments

​GMR Group secures Rs. 6,300 crore investment from ADIA, ONGC partners with BP for revenue increase, private equity investments in India surge to...

Sudarshan Bhandari

Chartered Insights: Why Indian Businesses Outperform: A Data-Driven Perspective

​Indian companies have outperformed global peers with strong ROE and EPS growth, emphasizing the importance of focusing on fundamentals and peer...

Nimish Maheshwari

# 66 India Insight: Power Finance & BEML MOU Zee Entertainment Governance Issue, ONGC & BPCL MOU

​Indian companies PFC, BEML, Zee Entertainment, ONGC, and BPCL are making strategic moves in defense, infrastructure, governance, and green energy...

Sudarshan Bhandari

US crude inventories fell less than expected, while gasoline and distillate stockpiles rose; nat-gas withdrawal beat expectations. Analysts...

GMR Group secures Rs. 6,300 crore investment from ADIA, ONGC partners with BP for revenue increase, private equity investments in India surge to...

Indian companies have outperformed global peers with strong ROE and EPS growth, emphasizing the importance of focusing on fundamentals and peer...

Indian companies PFC, BEML, Zee Entertainment, ONGC, and BPCL are making strategic moves in defense, infrastructure, governance, and green energy...