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ONGC gains on news of disinvestment

ONGC surged on the back of the news that the government is considering the sale of 5% stake in the company

SI Reporter  |  Mumbai 

Shares of Oil and Gas Corporation (ONGC) surged 1.6% on the BSE on the back of the that the government is considering the sale of a Rs 18,000 crore stake in state oil firm next month, according to Reuters

The government will consider selling a 5% stake in state-run Oil and Natural Gas Corp (ONGC), as told by a senior ministry official, in a deal worth Rs 18,000 crore at current market prices.

The sale would help the government raise more than a quarter of the Rs 63,000 crore target for privatisation revenues announced by the Finance Minister Arun Jaitley for the fiscal year to March 2015.

The stock opened at Rs 405, touched a high of Rs 412 and a low of Rs 402.30 on the BSE thus far. A total of 343,829 shares were traded on the BSE so far.

First Published: Tue, July 15 2014. 14:10 IST