Oil & Natural Gas Corporation (ONGC) is currently trading at Rs. 322.00, up by 4.40 points or 1.39 % from its previous closing of Rs. 317.60 on the BSE.
The scrip opened at Rs. 323.00 and has touched a high and low of Rs. 324.80 and Rs. 319.55 respectively. So far 169314 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 5 has touched a 52 week high of Rs. 472.00 on 09-Jun-2014 and a 52 week low of Rs. 301.00 on 27-Mar-2015.
Last one week high and low of the scrip stood at Rs. 324.60 and Rs. 312.90 respectively. The current market cap of the company is Rs. 275144.56 crore.
The promoters holding in the company stood at 68.94 % while Institutions and Non-Institutions held 17.60 % and 13.47 % respectively.
In a bit of a relief for upstream oil companies, India’s oil ministry has set interim rules for these companies, which exempts them from giving any discount on crude and refined fuel sales if the global crude oil prices average up-to $60 a barrel. However, this new rule would only be applicable for three months to June and would require finance ministry’s approval to be extended. With such kind of arrangement, upstream oil companies will not have to pay any subsidy as long as crude prices average $60 or less.
As per the present arrangement, upstream companies like Oil and Natural Gas Corporation (ONGC), Oil India and Gail India sell crude oil and fuels like cooking gas at discounted rates to partially compensate retailers for the losses they incur while selling fuels at government set cheaper rates. Despite the present exemption, these companies will have to give 85% discount of the incremental price to these retailers, if the prices of global crude oil fluctuate between 60-$100 per barrel.
| Company Name | CMP |
|---|---|
| ONGC | 284.75 |
| Oil India | 473.95 |
| Jindal Drilling&Inds | 538.20 |
| Deep Industries | 495.60 |
| Asian Energy Service | 308.30 |
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