With Nirmala Sitharaman announcing the Union Budget 2019, Share Price of ONGC fell by 4.01 per cent to open at 167.10. The price fell by 6.05 share points. The stock closed at 160.40.
The BSE group ‘A’ stock of face value Rs 5 has touched a 52-week high of Rs 185 on 24 September 2018 and a 52-week low of Rs 127.90 on 14 February 2019. The stock has returned just around 6.6% to investors in the last one year, compared to nearly 12% rise in the Nifty.
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ONGC informed on Tuesday that it has discovered over 230 million tonnes of in-place oil reserves in the last three years. These reserves are spread over 16 assets it currently extracts oil from.
The company produced 21.11 million tonnes of oil in the fiscal year 2018-19. In the last three years, it produced a cumulative of 65.66 million tonnes of oil. ONGC is India’s largest government-run corporation and produces about 70% of India’s crude oil and natural gas. The corporation is the biggest public sector commercial organization in India.
The promoters holding in the company stood at 64.25%, while Institutions and Non-Institutions held 22.20% and 13.55%, respectively.
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