ONGC scales highest-ever market capitalization of Rs 3.56 trillion

Oil and Natural Gas Corporation (ONGC) has scaled its highest-ever market capitalization of Rs 3.56 trillion in intra-day trade on May 16, 2014, indicating its hidden potential to its investors. In intra-day trade on May 16, 2014, ONGC scrip logged a new peak of Rs 416.35 on National Stock Exchange (NSE), taking its market capitalization to highest ever value. During the first 2 months of this current fiscal 2014-15, ONGC scrip has gained 20.54% on NSE, vis-à-vis Nifty’s 7.44% growth during the same period. Thus, ONGC has outperformed the broader index Nifty by 13.10%. ONGC’s market capitalization is 51% higher than the next highest valuable company among the listed CPSEs. 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.