ONGC Q2 profit down 18%, shares rise 2% despite; Nomura, Goldman Sachs revise target prices

ONGC shares rose 2% despite an 18% YoY drop in Q2 profit to Rs 9,848 crore due to lower oil prices. The company declared an interim dividend of Rs 6 per equity share. Goldman Sachs maintained a 'Sell' rating with a target price of Rs 220, while Nomura trimmed its target price to Rs 270 from Rs 275 and maintained a Neutral rating. ONGC plans moderate increases in oil and gas output over the next two years and aims to trim operating expenses by Rs 5,000 crore.