ONGC lost 1.56% to Rs 278.30 at 10:14 IST on BSE ahead of Q3 December 2013 results today, 13 February 2014.
Meanwhile, the S&P BSE Sensex was down 70.19 points or 0.34% at 20,378.30.
On BSE, so far 29,000 shares were traded in the counter as against average daily volume of 2.25 lakh shares in the past one quarter.
The stock was volatile. The stock lost as much as 1.8% at the day's low of Rs 277.60 so far during the day. The stock rose as much as 0.81% at the day's high of Rs 285 so far during the day. The stock had hit a 52-week high of Rs 353 on 28 June 2013. The stock had hit a 52-week low of Rs 234.40 on 28 August 2013.
The stock had outperformed the market over the past one month till 12 February 2014, sliding 0.39% compared with the Sensex's 1.49% fall. The scrip had also outperformed the market in past one quarter, advancing 6.34% as against Sensex's 0.82% rise.
The large-cap state-run oil explorer has equity capital of Rs 4277.74 crore. Face value per share is Rs 5.
Meanwhile, ONGC after market hours on Wednesday, 12 February 2014 said that ONGC Videsh (OVL), the company's overseas arm has entered into separate agreements with two consortiums of international banks to raise $2.5 billion by way of offshore borrowings to finance its acquisition of 10% participating interest in Rovuma Area I Block in Mozambique offshore.
ONGC said the first facility for a five year term amounting to $1.775 billion was signed with consortium of reputed international banks, including ANZ, Bank of Nova Scotia, BTMU, DBS, Mizuho, RBS, Societe Generale, SBI and SMBC. The company had initially planned to raise $1 billion through this long-term facility; however, decided later to upsize the same in view of overwhelming response from the banks, ONGC said. SMBC took the leadership role in this facility with commitment of $700 million and acting as Facility and Escrow Agent, the company said. This is the single largest offshore 5-year loan facility arranged by an Indian company during the last three years, ONGC said in a statement.
The second facility is in the nature of a bridge finance of $725 million for a one year term with consortium of reputed international banks including ANZ, BNP Paribas, BTMU, Citi, DBS, RBS and SBI. In this Facility Citi took the leadership with facility and Escrow Agency roles, ONGC said in a statement.
In April 2013, the company had made its inaugural offshore USD bond offering of dual-tranche Reg-S notes in international markets aggregating $800 million to finance its acquisition of participating interest in ACG field in Azerbaijan and the associated cross-country BTC pipeline.The 5-year tranche of $300 million was priced at T+190 bps and the 10-year tranche of $500 million was priced at T+210 bps. The yields of these tranches were 2.574% and 3.756% respectively. The notes were issued at the lowest-ever coupon achieved by an Indian issuer in the 5- year and 10-year tenor in the USD bond market, ONGC said. This was also the largest-ever Reg-S only transaction by an Indian issuer in the USD bond market, it added.
In January 2014, the company had raised $1.5 billion 1-year bridge loan facility from a consortium of 9 banks to finance the acquisition of participating interest of 6% in the Rovuma Area I Block in Mozambique offshore from Videocon.
With these three offshore loan facilities and the bond transaction, OVL has raised $4.8 billion from the international market in the current financial year, ONGC said in a statement.
Mr Sudhir Vasudeva, CMD, ONGC and Chairman, OVL said, "We are extremely pleased with the strong enthusiasm shown by top global banks at extremely fine pricing leading to market defining transactions. In the backdrop of a volatile global economic environment, such interest is reflective of ONGC's robust credit profile and underlines the strong India story".
ONGC's net profit rose 2.8% to Rs 6063.86 crore on 12.8% growth in net sales to Rs 22311.98 crore in Q2 September 2013 over Q2 September 2012. The company announces Q3 December 2013 results on Thursday, 13 February 2014.
The Government of India (GoI) owned 69.23% stake in ONGC (as per the shareholding pattern as on 31 December 2013).
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