ONGC up 3% on heavy volumes

Oil and Natural Gas Corporation (ONGC) moved higher by 3% at Rs 185 on BSE on the back of two-fold jump in trading volumes.

Till 02:31 pm; about 901,000 shares changed hands on the counter against an average 389,000 shares were traded daily in past two weeks, the BSE data shows. A combined around seven million shares changed hands on the NSE and BSE so far.

State-owned ONGC made 23 oil and gas discoveries in the fiscal year ended March 31 (FY29016-17) as a record number of wells drilled helped it uncover new reserves, the PTI report suggests.

“FY 2016-17 has been one of the most successful years of the last decade in exploring oil and gas with more thrust in increased exploration activities during the year," the report suggests quoting company’s top official.

The official said ONGC is working on early monetisation of new discoveries. Nine on-land discoveries made during the year have been monetised and put on production with an average oil rate of 445 cubic meters per day and gas rate of 220,000 cubic meters a day.

Oil and Natural Gas Corporation Limited (ONGC)