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ONGC surges on plans to foray into gas retailing biz to de-risk exploration business

10 May 2012 Evaluate

ONGC is currently trading at Rs. 260.00, up by 3.70 points or 1.44% from its previous closing of Rs. 256.30 on the BSE.

The scrip opened at Rs. 256.55 and has touched a high and low of Rs. 259.40 and Rs. 256.55 respectively. So far 29320 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 5 has touched a 52 week high of Rs. 310.35 on 13-May-2011 and a 52 week low of Rs. 226.95 on 15-Jul-2011.

Last one week high and low of the scrip stood at Rs. 268.00 and Rs. 253.70 respectively. The current market cap of the company is Rs. 221544.42 crore.

The promoters holding in the company stood at 69.23% while Institutions and Non-Institutions held 17.06% and 13.72% respectively.

State-owned Oil and Natural Gas Corp (ONGC) plans to foray into gas retailing business to de-risk its exploration business. In this regard, the company will form new subsidiary -- ONGC Gas. ONGC would use the new subsidiary for its foray into city gas distribution business and sale of imported liquefied natural gas (LNG).

Gas business would help the company de-risk its exploration business with oil and gas output from majority of its old and ageing existing field slated to hit a decline soon. The company’s entire gas is marketed by state-owned GAIL India. It had let go marketing rights on gas from even newer fields as also of LNG imported by Petronet LNG.

Further, the company’s plans to set up a LNG import facility at Mangalore were shelved. But under Sudhir Vasudeva, ONGC is renewing its focus on natural gas, whose share in India's primary energy basket will almost double to 20 percent by 2025.

ONGC Share Price

283.35 -0.60 (-0.21%)
20-Apr-2026 16:59 View Price Chart
Peers
Company Name CMP
ONGC 283.35
Oil India 471.35
Jindal Drilling&Inds 542.35
Deep Industries 477.70
Asian Energy Service 315.25
View more..

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