The country’s leading oil and gas producer, Oil and Natural Gas Corporation (ONGC), claimed that in its net profits recorded for the first quarter, the company traced an increase of 12%, which…
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ONGC
Coal India acquires the market capitalization of Rs 2.5 lakh crore and become the country’s most valued public sector company. With this position it has surpassed oil and gas major ONGC.
After Reliance Industries which has the market capitalization of Rs 3.01 lakh crore Coal India Ltd (CIL) become the second most valuable company of India.
CIL had broken the ONGC limit of Rs 2.37 lakh.
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In the recent review, it has been found that state-owned Oil and Natural GasCorp (ONGC) has over 1.7 billion tonnes of oil reserves in its domestic and foreign fields. ONGC has about 64 domestic fields which have a total reserve of 1.06billion tonnes of oil and oil equivalent natural gas, whereas, its 12 properties in countries like Russia and Sudan holds about 640 million tonnes of minerals.
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Oil & Natural Gas Corp (ONGC) has informed that it is coming up with its FPO in the month of March this year. It will file for the FPO by the end of February. The company has said that it is expecting to introduce the FPO in mid-March of the current fiscal. ONGC is looking forward to raise around US$3billion from the market by this FPO.
ONGC’s director of finance, Mr. D. K. Sarraf has said that the pricing of the FPO is also dependant on the government.
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