ONGC Shares Could Soar 65%, Become FII Favorite Amidst High Crude Prices: Report

• CLSA report predicts ONGC shares could jump up to 65% from current ₹270, even with crude at $90/barrel.
• Upstream companies like ONGC benefit directly from high crude prices, making them attractive investments.
• OMC companies (refining and marketing) face challenges due to unlikely petrol/diesel price hikes and government balancing role.
• OMC stocks like HPCL, BPCL, IOC have fallen up to 26% since the West Asia crisis, with Nifty Oil & Gas down 10.7%.
• Brokerages like Ambit and Nomura forecast continued pressure on OMC margins and significant cuts in target prices.