ONGC rises on the bourses

ONGC is currently trading at Rs. 280.45, up by 1.25 points or 0.45% from its previous closing of Rs. 279.20 on the BSE.
The scrip opened at Rs. 280.50 and has touched a high and low of Rs. 281.35 and Rs. 280.15 respectively. So far 9,207 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 5 has touched a 52 week high of Rs. 368.00 on 28-Sep-2010 and a 52 week low of Rs. 249.34 on 22-Apr-2010.
Last one week high and low of the scrip stood at Rs. 281.45 and Rs. 269.50 respectively. The current market cap of the company is Rs. 238869.28 crore.
The promoters holding in the company stood at 74.14% while Institutions and Non-Institutions held 12.30% and 13.56% respectively.
In the 9th round of auction under the New Exploration Licensing Policy (NELP), ONGC bid for 28 out of 34 oil and gas exploration blocks. In all, 75 bids were received for 33 out of 34 oil and gas blocks on offer with Oil India bidding for 17. Further, Reliance Industries bid for six while Cairn India submitted offers for two out of the 34 on offer.
The government has hired UK-based Fugro Data Solutions to market the NELP-IX blocks. There were total 34 oil and gas blocks which include eight in deepwater areas, seven in shallow water and nineteen onshore properties.
In the eight rounds of NELP since 1999, 235 blocks have been awarded till date. This has resulted in enhancement of exploration coverage from 11% to about 58 per cent of the total Indian sedimentary basin area in the country between 2000 and 2010.
Recently, ONGC is facing problems in getting Cairn India's approval for developing its KG basin discoveries, where the private energy firm is a minority partner. ONGC has made 10 gas discoveries in the block. However, Cairn has not signed the DOC (declaration of commerciality) of northern discovery in the KG-DWN-98 /2 blocks and has held back some budget approvals.