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ONGC achieves highest market capitalisation


New Delhi, May 18  :

Energy exploration and production major ONGC Sunday said it achieved its highest so far market intra-day capitalisation of Rs.3.56 trillion on Friday at the National Stock Exchange (NSE).ongc-logo

“In intra-day trade on 16th May, ONGC scrip logged a new peak of Rs.416.35 (NSE), taking its market capitalization to highest ever value,” Oil and Natural Gas Corporation said in a statement.

According to the company, during the first two months of the current fiscal its scrip has gained 20.54 percent on NSE, vis-à-vis Nifty’s 7.44 percent growth during the same period.

“ONGC has outperformed the broader index Nifty by 13.10 percent. ONGC’s market capitalisation is 51 percent higher than the next highest valuable company among the listed CPSEs (Central Public Sector Enterprises),” the statement said.

After being promoted by the government with a capital of Rs.343 crore over 22 years during 1959 and 1981, the Maharatna oil major was listed in July 1995.

ONGC is the world’s number three exploration and production company (Platts 2013) is also the highest profit-making Indian company for the last quite a few fiscals.