ONGC gains as board to consider bonus issue proposal

ONGC rose 4.25% to Rs 291.90 at 13:49 IST on BSE after the company scheduled a board meeting on 27 October 2016 to consider a proposal of issue of bonus shares.

The announcement was made during market hours today, 24 October 2016.

Meanwhile, the BSE Sensex was up 157.83 points, or 0.56%, to 28,235.01

On BSE, so far 11.67 lakh shares were traded in the counter, compared with average daily volume of 6.48 lakh shares in the past one quarter. The stock hit a high of Rs 292.40 in intraday trade so far, which is 52-week high for the counter. The stock hit a low of Rs 278.60 so far during the day. The stock hit a 52-week low of Rs 188 on 12 February 2016. The stock had outperformed the market over the past 30 days till 21 October 2016, rising 7.92% compared with 2.42% decline in the Sensex. The scrip also outperformed the market in past one quarter, gaining 25.87% as against Sensex's 0.99% rise.

The large-cap company has equity capital of Rs 4,277.75 crore. Face value per share is Rs 5.

Meanwhile, in its clarification with respect to news titled, Bombay high court asks ONGC to release $20 million to Swiber, ONGC on Saturday, 22 October 2016 said that as per the current status the Bombay High Court decided on 18 October 2016 that parties are trying their best to arrive at an amicable settlement of their disputes. The parties are still trying to finalize the terms of the settlement and directed ONGC to release $11.1 million to the Judicial Manager, subject to a workable mechanism, so that this amount is utilized for the purpose of the project only and to deposit $8.44 million in the court before the next date of hearing on 26 October 2016.

The matter is in the normal execution of contract/project and the amount due and payable towards contract/project execution is to be deposited in the court and there is nothing material in the court decision. ONGC, Offshore Engineering Services had awarded three projects i.e. Daman Development Project, Pipeline Replacement Project-4 and C-26 Cluster Pipeline Project to Swiber Offshore Construction (SOC), Singapore a subsidiary of Swiber Holdings Pte Singapore.

ONGC's net profit declined 21.16% to Rs 4232.54 crore on 21.46% decline in net sales to Rs 17670.37 crore in Q1 June 2016 over Q1 June 2015.

ONGC is India's largest oil and gas exploration firm by sales.

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