Edelweiss Securities has maintained 'Buy' on Oil & Natural Gas Corporation (ONGC) with revised target price of Rs 461 from Rs 435 as against current market price (CMP) of Rs 419 in its report.

Commenting on the investment rationale, the stock broker said, ''In recent sessions (past five months), the ONGC stock has rallied 50%. However, there are multiple triggers still available that support valuations.

Some of these being net oil price increase; gas price hike; better execution and faster decision-making leading to early monetization of resource; and good reserve addition.

We believe of these, only gas price hike is priced in. We raise our target price to Rs 461 (Rs 435 earlier) factoring in better execution expectation. Maintain 'Buy'.''

Disclaimer: IRIS has taken due care and caution in compilation of data for its web site. Information has been obtained by IRIS from sources which it considers reliable. However, IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website.