Oil and Natural Gas Corporation (ONGC) has regained its Rs 2-trillion market capitalisation (market-cap) mark as the stock rallied another 8 per cent to Rs 159.75 on the BSE in Tuesday’s intra-day trade on the back of higher crude oil prices. The stock of the state-owned oil exploration & production (E&P) company was trading at its highest level since November 2018.
The rising domestic gas supply and improvement in oil and gas realisation should drive upstream companies’ earnings growth and valuations.
At 10:57 am; ONGC was trading 7.5 per cent higher at Rs 158.60, with a market of Rs 199,523 crore, the BSE data shows. In comparison, the S&P BSE Sensex was down 0.09 per cent at 59,246 points.
