ONGC’s standalone EBITDAX shot up ~2x y-o-y/40% q-o-q to Rs 259 bn (slightly ahead of consensus) on the back of higher oil realisation (up 66% y-o-y/14% q-o-q), coupled with modest volumes (up 2% y-o-y/q-o-q). Oil realisation is likely to taper down amid falling crude prices on recession fears. Besides, imposition of windfall tax ($31/bbl) on …
