ONGC recovers after 3-day 11.8% slide

ONGC rose 1.99% to Rs 248.60 at 14:06 IST on BSE, with the stock recovering on bargain hunting after 3-day 11.86% slide.

Meanwhile, the S&P BSE Sensex was up 332.87 points or 1.85% at 18,329.02.

On BSE, 3.62 lakh shares were traded in the counter as against average daily volume of 3.73 lakh shares in the past one quarter.

The stock hit a high of Rs 250 and a low of Rs 244.30 so far during the day. The stock hit a 52-week low of Rs 234.40 on Wednesday, 28 August 2013. The stock hit a 52-week high of Rs 354.10 on 18 January 2013.

The stock had underperformed the market over the past one month till 28 August 2013, sliding 19.81% compared with the Sensex's 8.87% fall. The scrip had also underperformed the market in past one quarter, declining 26.87% as against Sensex's 10.74% fall.

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

Shares of ONGC had declined 11.86% in three trading sessions to settle at Rs 243.75 on Wednesday, 28 August 2013, from a recent high of Rs 276.55 on 23 August 2013.

ONGC had on 25 August 2013, said that its overseas investment arm ONGC Videsh (OVL) has signed definitive agreements on 24 August 2013 with Anadarko Mombique Area 1 Limitada (Anadarko) to acquire a direct 10% participating interest in the Rovuma Area 1 Offshore Block in Mozambique (Area 1) for $2.64 billion.

The acquisition is subject to the approvals of the Governments of Mozambique and India, relevant regulatory approvals, pre-emption rights and other customary conditions. The transaction is subject to usual closing conditions and has long stop date of 28 February 2014. The acquisition of an interest in Area 1 would mark OVL's entry into this emerging world-class offshore gas basin with significant future upside potential, and is consistent with OVL's quest of adding high quality international assets to its existing E&P portfolio, OVL said. The acquisition would increase OVL's reserve and resource base significantly. The project would also be an important milestone in reaching OVL's long-term production targets of 20 MMTOE by FY 2018 and 60 MMTOE by FY 2030.

ONGC's net profit fell 33.9% to Rs 4015.98 crore on 4.3% decline in net sales to Rs 19218.31 crore in Q1 June 2013 over Q1 June 2012.

The Government of India (GoI) holds 69.23% stake in ONGC (as per the shareholding pattern as on 30 June 2013).

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