Option trading indicates that ONGC could move in a range of ₹ 175-190, where respective put and calls saw accumulation of open interests.

Source: https://www.thehindubusinessline.com/portfolio/commodity-analysis/fo-strategy-consider-buying-ongc-185-call/article67288331.ece

Over the past few years, ONGC and OIL had been petitioning the government for a floor price as they were forced to sell gas at a loss for a prolonged period when prices sustained below their cost of production.

Source: https://indianexpress.com/article/explained/explained-economics/changes-domestic-gas-pricing-formula-math-rationale-consumers-affected-8544231/

“The first oil from the WO-16 cluster flowed into the processing system of MOPU and dispatch to onshore terminal commenced,” the Oil and Natural Gas Corporation (ONGC) said in a statement.

Source: https://www.orissapost.com/ongcs-sagar-samrat-starts-oil-gas-output-in-arabian-sea/

The recommendation on ONGC would have provided profit opportunities.

Source: https://www.thehindubusinessline.com/portfolio/commodity-analysis/fo-strategy-asian-paints-buy-a-put-option/article67314651.ece