ONGC rose 1.05% to Rs 375.80 at 14:11 IST on BSE after Oil Minister Dharmendra Pradhan reportedly said that the government is considering reworking the subsidy-sharing formula for the firm in a bid to lower its discount burden and boost profits.
Meanwhile, the S&P BSE Sensex was up 90.17 points or 0.32% at 28,532.88.
On BSE, so far 4.06 lakh shares were traded in the counter as against average daily volume of 3.93 lakh shares in the past one quarter.
The stock was volatile. The stock rose as much as 1.69% at the day's high of Rs 378.20 so far during the day. The stock lost as much as 0.69% at the day's low of Rs 369.30 so far during the day. The stock had hit a record high of Rs 472 on 9 June 2014. The stock had hit a 52-week low of Rs 264 on 4 February 2014.
The stock had underperformed the market over the past one month till 3 December 2014, sliding 8.06% compared with Sensex's 2.09% rise. The scrip had also underperformed the market in past one quarter, declining 15.09% as against Sensex's 4.8% rise.
India's largest oil & gas exploration firm by sales has equity capital of Rs 4277.74 crore. Face value per share is Rs 5.
Oil Minister Dharmendra Pradhan reportedly said yesterday, 3 December 2014 that in a bid to lower ONGC's discount burden and boost the state-run oil company's profits, the government is considering reworking the subsidy-sharing formula for ONGC.
Meanwhile, a foreign brokerage reportedly maintained bullish stance on ONGC expecting a new subsidy sharing formula.
ONGC's net profit fell 10.2% to Rs 5444.89 crore on 8.7% decline in net sales to Rs 20362.14 crore in Q2 September 2014 over Q2 September 2013.
ONGC is India's largest oil and gas exploration firm by sales. The Government of India holds 68.94% stake in ONGC (as per the shareholding pattern as on 30 September 2014).
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