Stock to buy, Nov. 9 -- Brokerage firm Elara Capital has recommended oil-producing stock Oil and Natural Gas Corporation Limited (ONGC) to buy, citing opportunities amid volatility in crude oil prices as the US-Iran conflict continues.

The brokerage firm has given a target price of Rs.320 per share, seeing an upside potential of up to 38%.

"While current earnings are largely supported by elevated crude realisation, the more durable investment case rests on a higher-value gas portfolio, BP-led brownfield recovery initiatives, and government-backed deepwater exploration activity. At 5.2x FY28E earnings and 0.65x FY28E book value, alongside a ~7% dividend yield, risk-reward is attractive. Our TP of INR 320 implies 6.9x FY28E P/E and 0.8x F...