Lagging global peers ONGC has declined this month despite rising oil prices, while international oil producers have rallied. But Oil and Natural Gas Corp. Ltd (ONGC) has held up far better, slipping just 4%. When crude oil prices rise amid geopolitical tensions, upstream companies are usually the first beneficiaries. ONGC, as India's largest government-owned producer of oil and gas, naturally sits on the right side of that trade. Despite the upside of rising crude prices, public sector undertakings (PSUs) face valuation discounts due to caps on price of natural gas from legacy fields and potential windfall taxes.

Source: Mint March 25, 2026 02:03 UTC