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

Thematic (Sector/Industry)

<ul>
<li>ONGC, Oil India to Price New Gas at 20% Premium over the APM price.</li>
<li>JSW Steel buys a 66.67% stake in M Res NSW for $120 million.</li>
<li>Adani Green Energy aims for a 30% CAGR in renewable capacity.</li>
</ul>


ONGC, Oil India to Price New Gas at 20% Premium over the APM price.
JSW Steel buys a 66.67% stake in M Res NSW for $120 million.
Adani Green Energy aims for a 30% CAGR in renewable capacity.


# 45 India Insight: ONGC, Oil India Price Premium, JSW Steel Acquisition, Adani Green RE Target

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>ONGC: We maintain our REDUCE rating on ONGC, with a target price of INR 286, given: (1) limited upside potential for ONGC’s crude price realisation in the current environment with a levy of windfall tax, (2) gas price realisation too unlikely to change significantly, as APM gas price is frozen until March 2025 and 95% of ONGC’s gas sales fall under APM and (3) slower ramp-up in oil &amp; gas production</li><li>In Q1FY25, reported EBITDA stood at INR 186bn (-4% YoY, +7% QoQ), coming in above our estimate owing to lower-than-expected statutory levies</li><li>PAT at INR 89bn (-11% YoY, -9% QoQ) was below our estimate, mainly driven by higher-than-expected depreciation and depletion costs</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 target price of INR 286, given: (1) limited upside potential for ONGC’s crude price realisation in the current environment with a levy of windfall tax, (2) gas price realisation too unlikely to change significantly, as APM gas price is frozen until March 2025 and 95% of ONGC’s gas sales fall under APM and (3) slower ramp-up in oil &amp; gas productionIn Q1FY25, reported EBITDA stood at INR 186bn (-4% YoY, +7% QoQ), coming in above our estimate owing to lower-than-expected statutory leviesPAT at INR 89bn (-11% YoY, -9% QoQ) was below our estimate, mainly driven by higher-than-expected depreciation and depletion costsContent 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, TVS Motor, NCC, Bajaj Electricals, Symphony

<ul>
<li>ONGC plans to increase gas production from 1,527 to 1,675 MMSCM by drilling new wells</li>
<li>Vedanta aims to reduce debt by $3 billion through cash flow, asset sales, and strategic measures</li>
<li>Tata Power will acquire Paradeep Transmission Ltd to build and operate a 765 kV transmission line</li>
</ul>


ONGC plans to increase gas production from 1,527 to 1,675 MMSCM by drilling new wells
Vedanta aims to reduce debt by $3 billion through cash flow, asset sales, and strategic measures
Tata Power will acquire Paradeep Transmission Ltd to build and operate a 765 kV transmission line


# 40 India Insight: ONGC Gas Production, Vedanta Debt Reduction, Tata Power Acquisition

<ul>
<li>ONGC plans a Rs 2 lakh crore investment for net-zero carbon emissions by 2038, boosting shares</li>
<li>Jupiter Wagons' shares dropped 3% following the announcement of a Qualified Institutional Placement</li>
<li>India’s defence exports surged 32.5% to Rs.21,083 crore in FY24, reflecting robust growth and global reach</li>
</ul>


ONGC plans a Rs 2 lakh crore investment for net-zero carbon emissions by 2038, boosting shares
Jupiter Wagons' shares dropped 3% following the announcement of a Qualified Institutional Placement
India’s defence exports surged 32.5% to Rs.21,083 crore in FY24, reflecting robust growth and global reach


#28 India Insight: ONGC INR 2 Crore Investment, Jupiter Wagons QIP, Indian Defence Exports Surged

<ul>
<li>Government Hikes Windfall Tax on Crude Oil to Rs.6,000 per Tonne from Rs.3,250</li>
<li>Larsen &amp; Turbo Secures Significant Offshore Order worth Rs. 2,500 crores from ONGC</li>
<li>Mahindra &amp; Mahindra Total volume Rise 11% YoY to 69,397 Units in June 2024</li>
</ul>


Government Hikes Windfall Tax on Crude Oil to Rs.6,000 per Tonne from Rs.3,250
Larsen &amp; Turbo Secures Significant Offshore Order worth Rs. 2,500 crores from ONGC
Mahindra &amp; Mahindra Total volume Rise 11% YoY to 69,397 Units in June 2024


#22 India Insight: Increase in Windfall Tax on Crude Oil, L&T Offshore Order, M&M Volume Rise

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)

# 45 India Insight: ONGC, Oil India Price Premium, JSW Steel Acquisition, Adani Green RE Target

ONGC and Oil India set new gas prices at 20% premium, JSW Steel acquires majority stake in M Res NSW for $120 million, Adani Green Energy targets...

Sudarshan Bhandari

HSIE Results Daily: ONGC, TVS Motor, NCC, Bajaj Electricals, Symphony

We maintain our REDUCE rating on ONGC, with a target price of INR 286, given: (1) limited upside potential for ONGC’s crude price realisation in...

HDFC Securities

# 40 India Insight: ONGC Gas Production, Vedanta Debt Reduction, Tata Power Acquisition

ONGC, Vedanta, and Tata Power are all making strategic moves to increase gas production, reduce debt, and expand their transmission capabilities.

Sudarshan Bhandari

#28 India Insight: ONGC INR 2 Crore Investment, Jupiter Wagons QIP, Indian Defence Exports Surged

ONGC plans massive investment for net-zero emissions, Jupiter Wagons shares drop after QIP, India's defence exports surge 32.5% in FY24.

Sudarshan Bhandari

#22 India Insight: Increase in Windfall Tax on Crude Oil, L&T Offshore Order, M&M Volume Rise

Government increases windfall tax on crude oil, Larsen & Turbo wins Rs. 2,500 crore offshore order from ONGC, Mahindra & Mahindra sees 11% YoY...

Sudarshan Bhandari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

# 45 India Insight: ONGC, Oil India Price Premium, JSW Steel Acquisition, Adani Green RE Target

​ONGC and Oil India set new gas prices at 20% premium, JSW Steel acquires majority stake in M Res NSW for $120 million, Adani Green Energy targets...

Sudarshan Bhandari

HSIE Results Daily: ONGC, TVS Motor, NCC, Bajaj Electricals, Symphony

We maintain our REDUCE rating on ONGC, with a target price of INR 286, given: (1) limited upside potential for ONGC’s crude price realisation in...

HDFC Securities

# 40 India Insight: ONGC Gas Production, Vedanta Debt Reduction, Tata Power Acquisition

​ONGC, Vedanta, and Tata Power are all making strategic moves to increase gas production, reduce debt, and expand their transmission capabilities.

Sudarshan Bhandari

#28 India Insight: ONGC INR 2 Crore Investment, Jupiter Wagons QIP, Indian Defence Exports Surged

​ONGC plans massive investment for net-zero emissions, Jupiter Wagons shares drop after QIP, India's defence exports surge 32.5% in FY24.

Sudarshan Bhandari

#22 India Insight: Increase in Windfall Tax on Crude Oil, L&T Offshore Order, M&M Volume Rise

​Government increases windfall tax on crude oil, Larsen & Turbo wins Rs. 2,500 crore offshore order from ONGC, Mahindra & Mahindra sees 11% YoY...

Sudarshan Bhandari

ONGC and Oil India set new gas prices at 20% premium, JSW Steel acquires majority stake in M Res NSW for $120 million, Adani Green Energy targets...

ONGC, Vedanta, and Tata Power are all making strategic moves to increase gas production, reduce debt, and expand their transmission capabilities.

ONGC plans massive investment for net-zero emissions, Jupiter Wagons shares drop after QIP, India's defence exports surge 32.5% in FY24.

Government increases windfall tax on crude oil, Larsen & Turbo wins Rs. 2,500 crore offshore order from ONGC, Mahindra & Mahindra sees 11% YoY...