BS
Shares of Oil & Natural Gas Corporation (ONGC) hit an over seven-year high of Rs 213.55, gaining 3 per cent on the BSE in Thursday’s intraday trade, after the state-owned company won seven of the 10 areas for exploration of oil and gas.
The stock price of ONGC surpassed its previous high of Rs 212.90, touched in January 2018. Currently, it is trading at its highest level since December 2016. The stock had hit a record high of Rs 314.57 on January 9, 2014, data shows.
Meanwhile, in the past six months, ONGC has outperformed the market by surging 32 per cent as compared to 10 per cent rise in the S&P BSE Sensex. The Centre, recently, opened the ninth round of bidding under the Open Acreage Licensing Policy (OALP IX) for the oil and gas exploration and production (E&P) sector.
