ONGC gains on notifying three discoveries

ONGC rose 1.41% to Rs 341.70 at 09:51 IST on BSE after the company's board at its meeting held on Friday, 12 December 2014 notified of the three discoveries made recently.

Meanwhile, the S&P BSE Sensex was down 56.21 points or 0.21% at 27,294.47

On BSE, so far 96,347 shares were traded in the counter as against average daily volume of 4.10 lakh shares in the past one quarter.

The stock was volatile. The stock hit a high of Rs 342.45 and a low of Rs 335 so far during the day. The stock had hit a record high of Rs 472 on 9 June 2014. The stock had hit a 52-week low of Rs 264 on 4 February 2014.

India's largest oil & gas exploration firm by sales has equity capital of Rs 4277.74 crore. Face value per share is Rs 5.

Oil & Natural Gas Corporation (ONGC)'s board at its meeting held on Friday, 12 December 2014 notified of the three discoveries made recently; one in deepwater Krishna Godavari Basin, off the east coast of the country, one in Mumbai offshore Basin, off the west coast of the country and one in Cauvery basin in the southern onland part of the country. The announcement was made after market hours on Friday, 12 December 2014.

Meanwhile, ONGC's board of directors also approved interim dividend of Rs 5 per share for the year ending 31 March 2015. The record date for the same has been fixed as 17 December 2014, ONGC said.

Minister of State for Finance Jayant Sinha said in written reply to a question in the Lok Sabha on Friday, 12 December 2014, that as per the Action Plan of 2014-15 on disinvestment, the government intends to sell 5% stake in ONGC during the current fiscal year. The government had already approved selling 5% stake in ONGC in September 2014.

ONGC's net profit fell 10.2% to Rs 5444.89 crore on 8.7% decline in net sales to Rs 20362.14 crore in Q2 September 2014 over Q2 September 2013.

ONGC is India's largest oil and gas exploration firm by sales. The Government of India holds 68.94% stake in ONGC (as per the shareholding pattern as on 30 September 2014).

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