Profit booking offsets ONGC gas-find gains

DALAL STREET SPIKES

ONGC hit a high of Rs 804.95 in the morning trade on the back of the news that the company has discovered huge gas deposits in the Krishna-Godavari basin. The scrip, however, ended lower as the market witnessed profit booking across the board.

The scrip closed at Rs 764.60 with more than eight lakh shares traded at the BSE. According to reports, ONGC's Sagar Vijay discovered large gas deposits while drilling its maiden well in the G4-AB location.

Market analysts said this will further improve the sentiment at this counter as the stock is already abuzz with the government divesting 10 per cent stake in the company.

Kotak Mahindra Capital, DSP Merrill Lynch and Morgan Stanley have been appointed managers to the government's proposed public offer.