Shares of ONGC were in the green early Monday after the company on Saturday reported a 61 per cent jump in its September quarter net profit as higher prices offset a drop in oil production. The scrip was 1.65 per cent up at Rs 159.95 at around 9.50 am today.

The BSE Sensex was up 0.01 per cent at 35,014 at around the same time. Net profit jumped to Rs 8,265 crore in July-September as compared to Rs 5,131 crore in the same period last year. Revenue from operations came in at Rs 27,989 crore for the quarter, up 47.58 per cent, from Rs 18,965 crore a year ago.

JPMorgan maintained ‘Overweight’ stance on the state-owned company with a target price of Rs 265, signalling an upside of around 65 per cent from the current market price.

“The strong quarter was driven by sharply higher realisations.

Rupee weakness and the recent gas price hike should aid earnings further,” said JPMorgan.

IDFC Securities also retained ‘Outperformer’ rating on the stock and raised the target price to Rs 265 from Rs 255 earlier.

Motilal Oswal Financial Services maintained ‘Buy’ with a target price of Rs 206.

“Crude oil realisation stood at $73.1 per bbl against $51.2 per barrel in Q2 FY18 and $74.2 per barrel in Q1 FY19.

There was no subsidy burden in the quarter.

Despite lower-than-expected Ebitda, PAT stood higher than our estimate due to the much lower depreciation of the rupee and higher other income,” said Motilal Oswal in a report.