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27-Sep2017

ONGC trades higher on the bourses

Oil and Natural Gas Corporation (ONGC) is currently trading at Rs. 171.90, up by 0.35 points or 0.20% from its previous closing of Rs. 171.55 on the BSE.

The scrip opened at Rs. 172.50 and has touched a high and low of Rs. 173.80 and Rs. 170.30 respectively. So far 3,33,000 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. 155.30 on 27-Jun-2017.

Last one week high and low of the scrip stood at Rs. 173.80 and Rs. 161.10 respectively. The current market cap of the company is Rs. 2,20,603.00 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 will acquire the government's 51.11% stake in Hindustan Petroleum Corporation (HPCL) through a bulk or block deal sometime in November or December at the prevailing market price. ONGC has appointed SBI Caps and the Citi Group as its merchant bankers for the deal and Shardul Amarchand Mangaldas as legal advisor.

While the government is keen that the deal, which would fetch it over Rs 33,000 crore at the current market price, is done in October, ONGC wants time to raise the money required for the acquisition.

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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