ONGC drops on profit booking

ONGC lost 2.95% to Rs 404.10 at 12:16 IST on BSE, with the stock sliding on profit booking after recent rally.

Meanwhile, the S&P BSE Sensex was up 19.74 points or 0.08% at 24,382.79.

On BSE, so far 2.82 lakh shares were traded in the counter as against average daily volume of 3.45 lakh shares in the past one quarter.

The stock hit a high of Rs 420 so far during the day, which is a record high for the counter. The stock hit a low of Rs 399.40 so far during the day. The stock had hit a 52-week low of Rs 234.40 on 28 August 2013.

The stock had outperformed the market over the past one month till 19 May 2014, advancing 29.22% compared with the Sensex's 7.66% rise. The scrip had also outperformed the market in past one quarter, jumping 49.43% as against Sensex's 17.57% rise.

The large-cap company has equity capital of Rs 4277.74 crore. Face value per share is Rs 5.

Shares of ONGC had rallied 12.96% in three trading sessions to settle at Rs 416.40 on Monday, 19 May 2014, from a recent low of Rs 368.60 on 14 May 2014.

ONGC on 18 May 2014 said that the company remains committed to create more value for all its stakeholders after a recent sharp surge in its stock price.

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 68.94% stake in ONGC (as per the shareholding pattern as on 31 March 2014).

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