ONGC gains on setting up $2 bln Euro MTNs

ONGC rose 1.73% to Rs 123.25 after the company said it has set up a Euro Medium Term Note (EMTN) programme of $2 billion.

ONGC has set up a Euro Medium Term Note (EMTN) programme of $2 billion which will be listed on Singapore Stock Exchange. An EMTN programme is an uncommitted facility and any drawdown thereof under this document would be subject to funding requirements. This is landmark achievement for ONGC as it is amongst select few corporates and India's first Oil & Gas public sector integrated energy major to set up an EMTN programme. The announcement was made during market hours today, 29 August 2019.

On the BSE, 1.57 lakh shares were traded in the ONGC counter so far compared with average daily volumes of 37 lakh shares in the past one quarter. The stock hit a high of Rs 123.45 and a low of Rs 119.55 so far during the day.

The stock hit a 52-week high of Rs 185 on 24 Sep 2018. The stock hit a 52-week low of Rs 115.75 on 23 Aug 2019.

The scrip has underperformed the market in past one year, down 30.59% as against Sensex's 3.71% fall.

On a consolidated basis, ONGC's net profit fell 19.4% to Rs 6693.61 crore on a 0.8% decline in the net sales to Rs 109,514.82 crore in Q1 June 2019 over Q1 June 2018.

ONGC is the largest oil and gas exploration and production company in India in terms of production and reserves of oil and gas for the 2019 Fiscal Year according to the Ministry of Petroleum and Natural Gas.

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