ONGC drops after recent rally

ONGC lost 1.67% to Rs 317.10 at 14:20 IST on BSE, with the stock sliding on profit booking after recent rally.

Meanwhile, the S&P BSE Sensex was up 37.65 points or 0.17% at 21,863.98.

On BSE, so far 1.05 lakh shares were traded in the counter as against average daily volume of 2.20 lakh shares in the past one quarter.

The stock hit a high of Rs 321.75 and a low of Rs 316.10 so far during the day. The stock had hit a 52-week low of Rs 234.40 on 28 August 2013. The stock had hit a 52-week high of Rs 353 on 28 June 2013.

The stock had outperformed the market over the past one month till 11 March 2014, surging 16.93% compared with the Sensex's 7.18% rise. The scrip had also outperformed the market in past one quarter, advancing 10.54% as against Sensex's 3.09% rise.

The large-cap state-run oil explorer has equity capital of Rs 4277.74 crore. Face value per share is Rs 5.

Shares of ONGC had rallied 11.26% in six trading sessions to settle at Rs 322.50 on Tuesday, 11 March 2014, from a recent low of Rs 289.85 on 3 March 2014.

ONGC's net profit surged 28.1% to Rs 7125.97 crore on 1.2% decline in net sales to Rs 20744.66 crore in Q3 December 2013 over Q3 December 2012.

The impact on ONGC's profit after tax (PAT) due to under-recovery discount rose 5.35% to Rs 7649 crore in Q3 December 2013 over Q3 December 2012.

The Government of India (GoI) holds 69.23% stake in ONGC (as per the shareholding pattern as on 31 December 2013).

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