ONGC rose 2.25% to Rs 411.35 at 15:05 IST on BSE on a media report that the government will decide in August 2014 whether to sell a 5% stake in the company.
Meanwhile, the BSE Sensex was up 147.52 points, or 0.59%, to 25,154.50.
On BSE, so far 3.95 lakh shares were traded in the counter, compared with an average volume of 6.93 lakh shares in the past one quarter.
The stock hit a high of Rs 412.30 and a low of Rs 404.65 so far during the day. The stock hit a 52-week high of Rs 472 on 9 June 2014. The stock hit a 52-week low of Rs 234.40 on 28 August 2013.
The stock had underperformed the market over the past one month till 14 July 2014, falling 4.77% compared with 0.88% fall in the Sensex. The scrip had, however, outperformed the market in past one quarter, rising 25.66% as against Sensex's 10.51% rise.
The large-cap company has an equity capital of Rs 4277.74 crore. Face value per share is Rs 5.
The media report quoted an official at the finance ministry, which houses the divestment department, as saying that the government was interested in selling stakes in ONGC and other state companies given their high market valuations. As on 30 June 2014, the government owned 68.94% stake in ONGC.
ONGC's net profit surged 44.3% to Rs 4889 crore on 2.4% decline in net sales to Rs 20880.93 crore in Q4 March 2014 over Q4 March 2013.
ONGC is India's largest government-run corporation and produces about 70% of India's crude oil and natural gas.
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