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31-Jul2017

ONGC rises on receiving government nod to acquire GSPC's stake in KG basin

Oil and Natural Gas Corporation (ONGC) is currently trading at Rs. 168.80, up by 4.10 points or 2.49% from its previous closing of Rs. 164.70 on the BSE.

The scrip opened at Rs. 165.20 and has touched a high and low of Rs. 168.75 and Rs. 165.00 respectively. So far 1,68,000 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 5 has touched a 52 week high of Rs. 212.00 on 31-Jan-2017 and a 52 week low of Rs. 145.31 on 02-Aug-2016.

Last one week high and low of the scrip stood at Rs. 168.20 and Rs. 160.35 respectively. The current market cap of the company is Rs. 2,16,625.00 crore.

The promoters holding in the company stood at 68.07%, while Institutions and Non-Institutions held 18.08% and 13.85% respectively.

Oil and Natural Gas Corporation (ONGC) has received the government approval for acquiring the Gujarat State Petroleum Corporation's (GSPC) entire 80 percent holding in a KG basin gas block for Rs 7,738 crore.

In December last year, the company had agreed to buy entire 80 percent interest of GSPC along with operatorship rights, in Deen Dayal West (DDW) gas field in Block KG-OSN-2001/3 in the Bay of Bengal for $995 million (Rs 6,443 crore). ONGC will also pay part consideration of $200 million (Rs 1,295 crore) to GSPC towards acquisition rights for discoveries other than DDW field in the block.


ONGC is India's largest government-run corporation and produces about 70% of India's crude oil and natural gas. The corporation is the biggest public sector commercial organization in India.



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