ONGC Shares Could Soar 57% as CLSA Raises Price Target to ₹415

• CLSA maintains 'High Conviction Outperform' rating on ONGC, raising price target to ₹415 per share.
• The revised target implies a 57% upside from ONGC's last closing price.
• CLSA notes a new law limits the government's ability to impose windfall taxes, addressing investor concerns.
• Key triggers include a 15% increase in gas production and over 50% rise in gas prices from new wells.
• Macquarie also has an 'Outperform' rating with a ₹300 target, expecting significant production ramp-up in 2026.