ONGC Market Cap Crosses Rs 3 Lakh Crore
The stock has surged nearly 18% since the start of this year, closing in the positive territory in all but four sessions.
Oil and Natural Gas Corp. has crossed Rs 3 lakh crore in market capitalisation on Friday.
The company's market cap stood at Rs 3.04 lakh crore at the end of the session on the NSE.
The ONGC stock closed 3.64% higher at Rs 242.05 apiece—the highest since February 2015, according to Bloomberg data. It has surged nearly 18% since the start of the year, closing in the positive territory in all but four sessions.
The stock has outpaced the growth of 4% in the Nifty CPSE over the same period. It has also beaten peers in the Nifty Energy index, which advanced 4.3%. This is compared with a decline of 0.55% and 0.81% in the Nifty 50 and S&P BSE Sensex, respectively.
The gains in the state-run oil major comes even after Goldman Sachs downgraded the stock to 'sell' last week, with a revised target price of Rs 175 from Rs 160, implying an 18% downside return potential.
Earlier this month, ONGC announced the successful commencement of oil production from its deep-water KG-DWN-98/2 block in the Krishna-Godavari basin, located off the coast of the Bay of Bengal. The stock has been on an upswing since then.
