ONGC shares surge nearly 40 per cent in three months
The equity shares of energy major ONGC have marked a significant surge of 39.79 per cent on the Bombay Stock Exchange (BSE) in the last three months. During this period, the Sensex has increased 21.72 per cent and BSE LargeCap 21.17 per cent. Not many companies in the LargeCap space witness this type of sustained rally.
In the last three months, the equity shares of the Maharatna improved from Rs 69.35 on 6 October 2020 to Rs 96.95 on 6 January 2021. The shares also reached a high of Rs 103.1 on 16 December 2020 on BSE during this period.
On the broader National Stock Exchange (NSE), ONGC shares are currently trading at Rs 96.95. The energy major improved from Rs 91.55 on December 7.
The market cap of ONGC is at over Rs 1,21,965 crores (BSE). It has the second highest market cap among Public Sectors Enterprises in India.
The improvement in share price may be attributed to the dynamic interplay of a number of factors including an increase in global crude oil prices, increase in demand due to release of lockdown and expected vaccination program.
Oil companies across the board had witnessed a slump in equity shares earlier in 2020 due to the slashed demands owing to COVID-19 lockdown.