ONGC is the second-highest among PSU in market capital

ONGC is the second-highest among PSU in market capital

New Delhi: Oil and Natural Gas Corporation Ltd (ONGC) one of the world's largest oil & gas exploration & production companies is now having the second-highest market capital among the leading Public Sectors Enterprises (PSEs).

ONGC is the biggest wealth creator in independent India, continues to create wealth for all stakeholders. Its equity shares surged nearly 40% in the last 3 months, the public sector commercial organization having a current market capitalization of about USD 60 billion.

The equity shares of energy major ONGC have marked a significant surge of 39.79 percent on the Bombay Stock Exchange (BSE) in the last three months. During this period, the Sensex has increased 21.72 percent and BSE LargeCap 21.17 percent. Not many companies in the LargeCap space witness this type of sustained rally.

In the last three months, the equity shares of the Maharatna improved from Rs 69.35 on 6 October 2020 to Rs 96.95 on 6 January 2021. The shares also reached a high of Rs 103.1 on 16 December 2020 on BSE during this period.

On the broader National Stock Exchange (NSE), ONGC shares are currently trading at Rs 96.95. The energy major improved from Rs 91.55 on December 7. The market cap of ONGC is at over Rs 1,21,965 crores (BSE). It has the second-highest market cap among Public Sectors Enterprises in India. The improvement in share price may be attributed to the dynamic interplay of a number of factors including an increase in global crude oil prices, an increase in demand due to the release of lockdown, and an expected vaccination program.

Oil companies across the board had witnessed a slump in equity shares earlier in 2020 due to the slashed demands owing to the COVID-19 lockdown. On Thursday, Jan 7, 2021, L&T Hydrocarbon Engineering (LTHE) also bagged an order worth up to Rs 5,000 crore from Oil & Natural Gas Corporation (ONGC).

With the rise in Sense by 90 points ONGC rises 4 percent, Nifty above 14,200. 

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