Credit Suisse downdrages ONGC on earnings outlook
Oct 30 2012 , Mumbai
The investment bank said the state-run oil explorer's earnings in the next fiscal year could be hit by a combination of lower domestic production, higher taxes, losses at subsidiary Mangalore Refiney and Petrochemicals Ltd, and a high base in the previous fiscal year.
Credit Suisse also cut its target price to Rs 239 from Rs 315 in a note dated on Tuesday.
Shares in ONGC were down 0.3 percent at Rs 273.50 as of 10:50 a.m.