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ONGC surges on plan to sell 25-30% stake in petrochemical plant at Gujarat

Oil & Natural Gas Corporation Ltd. | Oil Exploration | Oil & Gas | BSE: 500312 | NSE: ONGC

29 Aug 2013 Evaluate

Oil & Natural Gas Corporation is currently trading at Rs. 248.00, up by 4.25 points or 1.74% from its previous closing of Rs. 243.75 on the BSE.

The scrip opened at Rs. 246.90 and has touched a high and low of Rs. 250.00 and Rs. 244.30 respectively. So far 200222 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. 281.00 and Rs. 234.40 respectively. The current market cap of the company is Rs. 212903.37 crore.

The promoters holding in the company stood at 69.23% while Institutions and Non-Institutions held 17.08% and 13.70% respectively.

State-owned Oil and Natural Gas Corporation (ONGC), is in discussions with Saudi Aramco of Saudi Arabia, Kuwait Investment Authority and Qatar Investment Authority for selling 25-30% stake in an Rs 21,396 crore mega petrochemical plant at Gujarat. Further, ONGC has ordered Ernst & Young to search for a strategic partner who could be a technology provider or a marketer of chemicals the plant will produce.

Basically, ONGC Petro additions (OPaL) is building a 1.1 million tonnes plant at Dahej in Gujarat. The plant, which was originally scheduled to be commissioned by December this year, running behind schedule, is now expected to come up sometime in 2015. While, ONGC holds 26% stake in OPaL, state gas utility GAIL India holds 15.5% in OPaL and Gujarat State Petroleum Corp (GPSC) another 5%. Meanwhile, state Bank of India, the lead banker to the project, has offered to take 3-5% of equity on closure of the debt syndication exercise.

ONGC Share Price

283.95 0.00 (0.00%)

17-Apr-2026 16:59 View Price Chart

Peers

Company Name	CMP
ONGC	283.95
Oil India	470.10
Jindal Drilling&Inds	540.15
Deep Industries	476.90
Asian Energy Service	306.05
View more..

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ONGC surges on plan to sell 25-30% stake in petrochemical plant at Gujarat

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