Financial Daily from THE HINDU group of publications
Friday, Apr 28, 2006
Financial Daily from THE HINDU group of publications Friday, Apr 28, 2006 |
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Corporate
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Announcements Markets - Stocks Pratim Ranjan Bose
Kolkata , April 27 ONGC, whose scrip has appreciated roughly by 60 per cent in value in the last two years, has not yet decided on a stock split.
The Rs 10 face value scrip touched its 52-week high at Rs 1,400 today before closing at Rs 1,303 on the BSE. The 52-week low was recorded at Rs 805 on April 29, 2005. "We are yet to consider any stock split," a company official said, adding that there was still enough retail pressure on the counter. "The scrip is yet to attain the price benchmark we have set for considering such options," the official said declining to disclose further details. In fact, ever since its IPO at a price band of Rs 685-750 in March 2004, ONGC shares have gone up steadily. Post-IPO, retail investors had their golden chance of acquiring the scrip during May-June 2004 when it was quoted below Rs 700 and touched its lowest at Rs 615.90 on the NSE on June 23, 2004. Crossing the Rs 800-mark in August of the same year, the scrip ended 2004-05 at a closing price of Rs 885 on the NSE. Keeping in tune with the rise in crude prices, the ONGC stock went past the Rs 1,300-mark in 2005-06. The trading volumes, however, did not undergo any noticeable change during last one year. ONGC today closed 5.97 per cent lower at Rs 1,303.70 against Rs 1,386.50 on Wednesday.
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