ONGC hits all time high on BSE

State-owned Oil & Natural Gas Corp (ONGC) on Monday rallied over 2 per cent to hit an all-time high on the BSE, fuelled by the company’s plans to make a joint bid with PetroVietnam for British Petroleum’s (BP) Vietnam assets.

Shares of the oil and gas major settled at Rs. 1,375.90, up 1.5 per cent on the Bombay Stock Exchange. During the day, the scrip had gained 2.39 per cent to touch a new high of Rs. 1,388.

The scrip witnessed a similar move on the National Stock Exchange and zoomed 1.99 per cent to close at Rs. 1,383. In terms of volume, about 12.49 lakh shares of the company were traded on the bourses.

The company is finalising the valuation for a potential takeover of troubled-energy giant British Petroleum’s stake, in a Vietnamese gas project after which a bid will be made in conjunction with PetroVietnam.

Marketmen feel that the movement in the stock is powered by the oil major’s expansion plans. Besides, the counter rose on heavy buying amid the buoyant investor sentiment and the firm broader market.

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Printable version | Apr 18, 2021 9:42:15 AM |

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