Meanwhile, the BSE Sensex was up 158.46 points, or 0.94%, to 17,035
On BSE, 8.87 lakh shares were traded in the ONGC counter.
The stock hit a high of Rs. 277.75 and a low of Rs. 269.75 so far during the day.
India's largest state-run oil explorer by market capitalisation has an equity capital of Rs. 4277.74 crore. Face value per share is Rs. 5.
State-run upstream oil firms in India offer discounts on crude sales to public-sector oil retailers as part of a government mechanism to compensate them for selling fuels below cost to keep inflation under control. ONGC shares a lion's share of the subsidy burden of upstream oil firms. State-run oil marketing firms increased petrol prices by Rs. 3.14 to Rs. 3.32 a litre or about 5% with effect from Thursday midnight to pass on the impact of a depreciating rupee which has resulted in a higher import cost. This is the ninth increase since petrol prices were decontrolled in June 2010.
Meanwhile, the government today, 16 September 2011, deferred the about Rs. 11000-crore follow-on public offer (FPO) of ONGC. ONGC said in a statement that the government has decided not to proceed with the FPO of ONGC as per the timeline mentioned in the Red Herring Prospectus dated 5 September 2011 and it will evaluate its decision in relation to the FPO in due course. The FPO was scheduled to open on 20 September 2011 and close on 23 September 2011 Read More
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