ONGC share prices reach 52-week high; jumps by over 5 percent
The equity shares of National Oil Company ONGC have hit its 52-week high, as the Maharatna shares at the Bombay Stock Exchange (BSE) grew 5.4 percent to Rs 130.65 on 15 September 2021. With the whooping jump in the share prices, ONGC has crossed its earlier high of Rs 128.45 touched on 15 June 2021. Surging 9 percent in the last one week, ONGC has outperformed the market purportedly after rating agency ICRA assigned ‘AAA’ credit rating for non-convertible debentures (NCDs) of ONGC for Rs 7,500 crore, while reaffirming ratings of long-term and short-term facilities with stable outlook.
On the broader National Stock Exchange (NSE), the equity shares of ONGC also witnessed an intra-day high of 130.70, gaining around 5.30 per cent. The market capitalization of the organization stood at over Rs 1.6 lakh crores. The surge on both the indexes can be attributed to the prices of crude oil and natural gas reaching its seven-year high.
Oil companies around the world had witnessed a slump in equity shares earlier in 2020 due to the slashed demands owing to lockdown imposed in view of the COVID-19 pandemic.