Oil & Natural Gas Corporation (ONGC) is trading higher by 2% at Rs 270 on the Bombay Stock Exchange after the board of directors of the company approved interim dividend of 125% or Rs 6.25 per equity share of Rs 5 each, for the current financial year.
The company's board has also approved the proposal to acquire BG's stake. It will buyout British energy major BG Group's stake in three of its eastern offshore oil and gas exploration blocks.
Meanwhile the state-run company has reported four discoveries, taking the total number of strikes to 15 in this financial year.
A combined 373,701 shares have changed hands on the counter in morning deals on both the exchanges.