ONGC scales highest-ever market capitalization of Rs 3.56 trillion
ONGC scaled its highest-ever market capitalizationof Rs 3.56 trillionin intra-day trade on 16th May, 2014, indicating its hidden potential to its investors. In intra-day trade on 16th May 2014, ONGC scrip logged a new peak of Rs 416.35 (on National Stock Exchange), taking its market capitalization to highest ever value. However, with a 1.19 per cent gain during the day, scrip closed at Rs 384.15.
During the first 2 months of this current fiscal 2014-15, ONGC scrip has gained 20.54 per cent on NSE, vis-à-vis Nifty’s 7.44 per cent growth during the same period. Thus, ONGC has outperformed the broader index Nifty by 13.10 per cent. ONGC’smarket capitalisation is 51 per cent higher than the next highest valuable company among the listed CPSEs.
Since listing in July 1995, the scrip of India’s national flagship explorer ONGC has created enormous wealth for its shareholders. After being promoted by the Govt. of India with a capital of 343 crore over 22 years during 1959 and 1981, the Maharatna oil major has created unprecedented wealth for its owners, the billion plus Indian citizens. The world’s number 3 Exploration & Production company (Platts 2013) is also the highest profit-making Indian company for the last quite a few fiscals. ONGC remains committed to create more value for all its stakeholders.