ONGC recovers on bargain hunting

ONGC rose 1.44% to Rs 278.65 at 12:06 IST on BSE, with the stock recovering on bargain hunting after recent slide.

Meanwhile, the S&P BSE Sensex was up 203.71 points or 0.99% at 20,815.85.

On BSE, so far 58,000 shares were traded in the counter as against average daily volume of 2.59 lakh shares in the past one quarter.

The stock hit a high of Rs 280 and a low of Rs 273.10 so far during the day. The stock had hit a 52-week high of Rs 354.10 on 18 January 2013. The stock had 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 17 December 2013, advancing 1.67% compared with the Sensex's 1.04% rise. The scrip had, however, underperformed the market in past one quarter, sliding 2% as against Sensex's 4.08% rise.

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

Shares of ONGC had declined 9.89% in six trading sessions to settle at Rs 274.70 on Tuesday, 17 December 2013 from a recent high of Rs 304.85 on 9 December 2013.

ONGC's net profit rose 2.8% to Rs 6063.86 crore on 12.8% growth in net sales to Rs 22311.98 crore in Q2 September 2013 over Q2 September 2012.

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

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