ONGC stock hits all time high on BSE

State-owned ONGC today rallied over 2 per cent to hit an all-time high...

State-owned Oil & Natural Gas Corp (ONGC) today rallied over 2 per cent to hit an all-time high on the BSE,fuelled by the company’s plans to make a joint bid with PetroVietnam for British Petroleum’s (BP) Vietnam assets.

Shares of the oil and gas major settled at Rs 1,375.90,up 1.5 per cent on the Bombay Stock Exchange. During the day,the scrip had gained 2.39 per cent to touch a new high of Rs 1,388.

The scrip witnessed a similar move on the National Stock Exchange and zoomed 1.99 per cent to close at Rs 1,383.

In terms of volume,about 12.49 lakh shares of the company were traded on the bourses.

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The company is finalising the valuation for a potential takeover of troubled–energy giant British Petroleum’s stake,in a Vietnamese gas project after which a bid will be made in conjunction with PetroVietnam.

Marketmen feel that the movement in the stock is powered by the oil major’s expansion plans. Besides,the counter rose on heavy buying amid the the buoyant investor sentiment and the firm broader market.

Meanwhile,the broader gauge Sensex today crossed the 19,000-mark and ended 408.67 points higher at 19,208.33.

The proposed deal involves buying out BP’s 35 per cent stake in USD 1.3-billion Nam Con Son gas project in Vietnam,which has two offshore gas fields,a pipeline and a power project.

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ONGC’s overseas arm,OVL,already owns a 45 per cent interest in the project,while the remaining is owned by Vietnamese state-owned PetroVietnam.

A significant spurt in the shares of ONGC helped the gain in the oil and gas index on BSE which settled 261.36 points higher at 10,436.47. Among the 13 indices,the BSE-Oil & Gas index emerged as the second highest gainer.

Most of the stocks in the oil and gas pack also ended the day in green. Among the other gainers were—-Reliance Industries (3.58 per cent),GAIL India (1.96 per cent),IOC (2.06 per cent),HPCL (0.16 per cent)and BPCL (0.16 per cent).