Mar 01, 2012, 03.41 PM | Source: Moneycontrol.com
Close on the heels of Oil and Natural Gas Corp (ONGC), the oil ministry has indicated that now Oil India would be the next candidate for divestment, CNBC-TV18 has learnt.
While the 5% stake sale of ONGC via auction route is in progress today, Oil India too will follow trend. However, there is no word from the department of divestment as of now.
Sources in the know say there could be a 10% divestment, if done via auction route for Oil India which can fetch upto Rs 3,000 crore to the government.
Divestment of PSUs is important for the government to help it control the budget deficit, which is widely expected to overshoot the targeted 4.6% of gross domestic product this fiscal year through March by as much as one percentage point.
The government aims to narrow the deficit to 3.5% by March 2014, but heavy subsidies to artificially lower food, fertilizer and fuel prices and shield the poor from inflation have cast doubts over the government's ability to stick to its fiscal consolidation plan.
Did you read: Ahead of stake sale today, ONGC stock rises
Oil India stock price
On April 28, 2016, Oil India closed at Rs 329.90, up Rs 2.10, or 0.64 percent. The 52-week high of the share was Rs 503.95 and the 52-week low was Rs 300.50.
The company's trailing 12-month (TTM) EPS was at Rs 40.13 per share as per the quarter ended December 2015. The stock's price-to-earnings (P/E) ratio was 8.22. The latest book value of the company is Rs 357.89 per share. At current value, the price-to-book value of the company is 0.92.
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