ONGC shines after inviting bids for KG offshore gas

Oil & Natural Gas Corporation is currently trading at Rs. 101.95, up by 3.90 points or 3.98% from its previous closing of Rs. 98.05 on the BSE.

The scrip opened at Rs. 98.05 and has touched a high and low of Rs. 102.50 and Rs. 98.05 respectively. So far 821846 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 5 has touched a 52 week high of Rs. 122.30 on 08-Mar-2021 and a 52 week low of Rs. 60.90 on 22-Apr-2020.

Last one week high and low of the scrip stood at Rs. 105.65 and Rs. 97.45 respectively. The current market cap of the company is Rs. 128004.34 crore.

The promoters holding in the company stood at 60.41%, while Institutions and Non-Institutions held 25.56% and 14.03% respectively.

Oil and Natural Gas Corporation (ONGC) has invited bids for the sale of initial 2 million standard cubic meters per day of gas from its KG basin fields at a minimum price of $ 6.6 per mmBtu. According to the tender document, ONGC intends to start natural gas sale from its KG-DWN-98/2 block, which sits next to Reliance Industries (RIL)-BP Plc operated KG-D6 fields, from June-end.

ONGC is India’s largest government-run corporation and produces about 70% of India’s crude oil and natural gas. The corporation is the biggest public sector commercial organization in India.