ONGC flares up on public issue success

DALAL STREET SPIKES

Shares of Oil and Natural Gas Corporation (ONGC) continued to be in the limelight on Monday following the overwhelming response to its public issue which has oversubscribed more than four times in two days.

The stock rose 6 per cent to Rs 850.90 on the Bombay Stock Exchange (BSE) on the back of strong institutional buying.

The stock, in intra-day trades, touched a high of Rs 878 with a volume of 23.50 lakh shares on the BSE. The government's offer for sale of the 10 per cent stake in the company was subscribed 4.04 times.

Bids are being invited in the Rs 680-750 range. The issue closes on March 13. From a low of Rs 665.30 touched on February 25, the ONGC stock has risen over 31 per cent.