Wednesday 15 January 2014

ONGC inches up on inking MoU with Kuwait petro for exploration and production

ONGC is currently trading at Rs. 290.90, up by 0.90 points or 0.31% from its previous closing of Rs. 290.10 on the BSE.

The scrip opened at Rs. 292.70 and has touched a high and low of Rs. 294.45 and Rs. 288.40 respectively. So far 38,000 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 5 has touched a 52 week high of Rs. 354.10 on 18-Jan-2013 and a 52 week low of Rs. 234.40 on 28-Aug-2013.

Last one week high and low of the scrip stood at Rs. 293.85 and Rs. 271.25 respectively. The current market cap of the company is Rs. 2, 48,879 crore.

The promoters holding in the company stood at 69.23% while Institutions and Non-Institutions held 17.28% and 13.50% respectively.

Oil and Natural Gas Corporation (ONGC) has signed Memorandum of Understanding (MoU) with Kuwait Petro for exploration and production. Moreover, Kuwait Petro is keen of buying stake in ONGC Petro additions (OPaL) and ONGC Mangalore Petrochemicals (OMPL).

OPaL, a multi billion joint venture company is setting up a grass root mega Petrochemical project at Dahej, Gujarat in PCPIR/SEZ, while OMPL, a company promoted by ONGC is setting up an aromatic complex along with Mangalore Refineries & Petrochemical (MRPL) at Mangalore in Mangalore Special Economic Zone (MSEZ) adjacent to the existing MRPL refinery.

ONGC is a premier oil and gas company in India, accounting for 71% of the country’s crude oil production and 54% of its natural gas production in 2011-12. It is also a significant producer of value added products such as liquefied petroleum gas (LPG), superior kerosene oil (SKO), and naphtha. GoI is the majority shareholder in ONGC, with a 69% equity stake as of now

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