ONGC gains ahead of board meeting for interim dividend

ONGC rose 4.06% to Rs 320.55 at 14:50 IST on BSE ahead of the company's board meeting today, 24 March 2014, to consider second interim dividend for financial year ending March 2014.

Meanwhile, the BSE Sensex was up 301.24 points, or 1.38%, to 22,056.56.

On BSE, so far 2.70 lakh shares were traded in the counter, compared with an average volume of 2.33 lakh shares in the past one quarter.

The stock hit a high of Rs 320.80 and a low of Rs 310.70 so far during the day. The stock hit a 52-week high of Rs 353 on 28 June 2013. The stock 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 22 March 2014, rising 11.25% compared with the Sensex's 5.09% rise. The scrip had also outperformed the market in past one quarter, rising 8.33% as against Sensex's 3.20% rise.

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

ONGC has fixed 29 March 2014 as the record date for determining entitlement of shareholders for payment of second interim dividend for the financial year 2013-14. Payment of interim dividend, if declared, shall start from 31 March 2014 onwards to the shareholders.

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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