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| ONGC slips from high, ends flat |
| BS Reporter / Mumbai Aug 31, 2009, 15:49 IST |
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The stock touched a high of Rs 1,202 but slipped 3% from there to a low of Rs 1,166. It finally ended flat at Rs 1,185. The counter clocked a volume of 217,379 shares on the BSE.
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(Updated at 1211 hrs)
Oil & Natural Gas Corporation (ONGC) has gained over 1% to Rs 1,191, following its new discovery in West Tripura PEL block, Assam and Assam Arakan basin.
The counter has witnessed trades of around 122,854 shares as aginst its two-week average traded quantity of 251,034 shares. The scrip touched a high of Rs 1,202 and a low of Rs 1,166 so far.
ONGC in a release to the BSE, also reported that the company had approved combining the development of two offshore fields that would help save $133 million (Rs 650.3 crore). The estimated cost of developing the two fields off the west coast is Rs 8,554.26 crore.
The exploratory well in the West Tripura block in the Assam and Assam Arakan basin flowed gas from an interval 2,164 metres - 2,168 metres at a rate of 160,000 million cubic metres per day, ONGC said.The gas contains up to 96.3% methane.
Oil and Natural Gas Corporation (ONGC)'s net profit fell 26.9% to Rs 4847.92 crore in its first quarter results ended June, 2009, which is ONGC's fourth straight drop in quarterly net profit.
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