ONGC gains on hopes of more oil reserves in Mumbai offshore
FIIs have bought 41.45 million equity shares worth of Rs 1,300 crore of ONGC in January-March quarter.
Oil and Natural Gas Corporation (ONGC) has surged over 3% to Rs 318 on the National Stock Exchange (NSE) on hopes that the state-owned oil exploration and production company could find more oil reserves in Mumbai offshore.
“The D1 block in the Mumbai offshore could potentially hold a significant amount of additional oil reserves,” The Economic Times report suggests quoting the company’s senior executive. Currently, well testing is going on after which we can ascertain the exact quantity of additional oil present in the block, he added.
Meanwhile, the foreign institutional investors (FIIs) have bought 41.45 million equity shares worth of Rs 1,300 crore of ONGC in January-March quarter. The FII holding in the company have increased to 6.27% in March 2013 quarter from 5.79% at the end of December 2012 quarter, the shareholding pattern data shows.
Today, the stock opened at Rs 308 and has seen a combined 1.41 million shares changing hands on the counter so far on NSE and BSE.
“The D1 block in the Mumbai offshore could potentially hold a significant amount of additional oil reserves,” The Economic Times report suggests quoting the company’s senior executive. Currently, well testing is going on after which we can ascertain the exact quantity of additional oil present in the block, he added.
Meanwhile, the foreign institutional investors (FIIs) have bought 41.45 million equity shares worth of Rs 1,300 crore of ONGC in January-March quarter. The FII holding in the company have increased to 6.27% in March 2013 quarter from 5.79% at the end of December 2012 quarter, the shareholding pattern data shows.
Today, the stock opened at Rs 308 and has seen a combined 1.41 million shares changing hands on the counter so far on NSE and BSE.