Financial Daily from THE HINDU group of publications
Saturday, Dec 20, 2003
Financial Daily from THE HINDU group of publications Saturday, Dec 20, 2003 |
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Markets
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Stock Markets ONGC market cap crosses Rs 1 lakh cr Our Bureau
Mumbai , Dec 19 THE market capitalisation of Oil and Natural Gas Corporation (ONGC) has crossed Rs 1 lakh crore for the first time. Based on the Friday's closing price of Rs 748, the market capitalisation of the company is Rs 1,06,659.86 crore. With this, it has joined the select list of companies whose market cap has crossed over Rs 1 lakh crore. During the tech boom of 2000, the market cap of Infosys and Wipro had crossed this mark. With this market, ONGC is among the top 15 oil and energy major based on the today's market capitalisation. Brokers said the good financial performance and various initiatives the company is undertaking is being discounted by the market players. Several FIIs have turned bullish on the counter over the last few days. Other than this the market is also expecting gains from the sale of the crossholding by the company in GAIL and IOC. Dealers said with the sale of these stakes, the company is expected to receive large amount and likely to be given back to the shareholders in the form of dividend.
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