ONGC gets block deal booster

DALAL STREET SPIKES

ONGC counter flared up gaining nearly 6 per cent after a huge block deal in yesterday's trading. The stock was in the limelight since the morning trade and soared to Rs 670.90 in intra-day trades, before closing at Rs 666.95, up 5.99 per cent from its previous close.

Dealers said, yesterday's block deal coupled with a foreign brokerage firm's positive rating pushed the stock up at close. According to market sources, the block deal yesterday was between Janus, which sold 45 lakh shares.

These shares were bought by Templeton and two other FIIs. The stock also turned attractive on fresh buying after the international oil prices rebounded more than $1 on Wednesday as top world oil exporter Saudi Arabia, which has boosted supply to cool prices, said that it believed the market had now reached a fair value.

US light crude settled up $1.39 to $37.05 a barrel, while London Brent was up $1.39 to $34.50 a barrel. ONGC counter witnessed volumes of more than 19.3 lakh shares at the BSE.