ONGC shares gain by 5 percent
Bangalore: The shares of Oil and Natural Gas Corporation (ONGC) finished with a gain of 4.79 percent, on a day when the Sensex finished in red. In fact the ONGC stock had touched its highest levels in 52 weeks on Friday by reaching 
1,229.80. Having started the day at 1170, the stock touched the intra-day high of 1,229.80 before closing at 1,220.20. The stock has a P/E ratio of 18.94, with a total of 803,061 shares being traded.
ONGC is mainly engaged in the oil exploration and production activities. ONGC has established 6.42 billion tons of in-place hydrocarbon reserves with more than 300 discoveries of oil and gas. The Finance Ministry is believed to be favorably inclined towards the Petroleum Ministry's proposal that ONGC be reimbursed the royalty that it will have to pay on behalf of Cairn India in the Rajasthan oil field. Official sources have told that ONGC would have to pay about 13,000 crore as royalty. The 52 week stock price chart is on the left.
The Government share of the earnings from the Rajasthan fields is 50 percent and ONGC has a 30 percent participating interest in the Rajasthan field. It is legally bound to pay Cairn's share of royalty also. Cairn India acquired the stake in the area from Royal Dutch Shell Plc in 2002 and discovered oil in January 2004.
Out of the 27 analysts following the stock, the consensus recommendation is to hold. While seven analysts suggest to hold, five analysts recommend to sell the stock. Reliance Natural Resources Fund holds the highest number of shares in ONGC with a total of 2,373,873 shares.
1,229.80. Having started the day at 1170, the stock touched the intra-day high of 1,229.80 before closing at 1,220.20. The stock has a P/E ratio of 18.94, with a total of 803,061 shares being traded.
ONGC is mainly engaged in the oil exploration and production activities. ONGC has established 6.42 billion tons of in-place hydrocarbon reserves with more than 300 discoveries of oil and gas. The Finance Ministry is believed to be favorably inclined towards the Petroleum Ministry's proposal that ONGC be reimbursed the royalty that it will have to pay on behalf of Cairn India in the Rajasthan oil field. Official sources have told that ONGC would have to pay about 13,000 crore as royalty. The 52 week stock price chart is on the left.
The Government share of the earnings from the Rajasthan fields is 50 percent and ONGC has a 30 percent participating interest in the Rajasthan field. It is legally bound to pay Cairn's share of royalty also. Cairn India acquired the stake in the area from Royal Dutch Shell Plc in 2002 and discovered oil in January 2004.
Out of the 27 analysts following the stock, the consensus recommendation is to hold. While seven analysts suggest to hold, five analysts recommend to sell the stock. Reliance Natural Resources Fund holds the highest number of shares in ONGC with a total of 2,373,873 shares.