Wednesday, 14 January 2015

Govt. mulls stake sale in ONGC

                             As per news reports, government is planning stake sale in Oil and Natural Gas Corporation (ONGC) by March, and is also finalising the details of oil subsidy-sharing scheme.

The divestment would take place in all probability in March, and the amount is 5% which will earn the government nearly Rs, 15,000 to 18,000 crore. The price of ONGC's scrip will be a big deciding factor in ONGC's divestment.

Under the chairmanship of Bimal Jalan, a panel would submit the recommendations about the long-term subsidy roadmap in areas like food, oil and fertiliser.

Drop in the oil prices have been a big relief to the government at the center, as the fuel subsidy burden is reduced.

The current market capitalisation of ONGC stands at Rs 291,057.77 crore.The company has reported a standalone sales of Rs 20,361.14 crore and a Net Profit of Rs 5,444.89 crore for the quarter ended Sep 2014.

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