ONGC Shows Strong Short-Term Gains Amidst Broader Market Trends and High Dividend Yield
Oil & Natural Gas Corporation (ONGC) has demonstrated strong performance, gaining for five consecutive days and maintaining its opening price. The company has a high dividend yield and a market capitalization of over Rs 3 lakh crore, with a lower P/E ratio compared to the industry average.
Oil & Natural Gas Corporation (ONGC) has shown notable performance today, outperforming its sector by 0.44%. The stock has been on a positive trajectory, gaining for the last five consecutive days with a total return of 2.87% during this period. It opened at Rs 244 and has maintained this price throughout the trading session.In terms of moving averages, ONGC's current price is above the 5-day, 20-day, 50-day, and 100-day moving averages, although it remains below the 200-day moving average. The company boasts a high dividend yield of 5.67%, which is a significant factor for income-focused investors.
With a market capitalization of Rs 3,07,147.52 crore, ONGC operates within the oil industry, where it has a price-to-earnings (P/E) ratio of 8.41, notably lower than the industry average of 19.28. Over the past year, ONGC has experienced a decline of 5.77%, contrasting with the Sensex's gain of 7.83%. However, its performance over shorter time frames, such as the last month and week, has been more favorable compared to the broader market.
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