Oil and Natural Gas Corporation (ONGC) share price on August 26 touched an intraday high of Rs 326.95 per share on the NSE, zooming 2.52 percent after the state-owned company started production from its fifth oil well in the Krishna Godavari basin.
The uptrend was seen after four days of consecutive fall in the PSU stock. At the time of publishing, the stock was trading at Rs 326.55 apiece, up 2.40 percent.
Over 7 lakh shares of ONGC, which is a constituent of BSE 100 index, changed hands today, generating a total turnover of Rs 22.84 crore. The large cap company has a market cap of Rs 4,10,934.82 crore, as per BSE website.
In volume terms, over 122.54 lakh shares of the company were traded on the NSE till 12 pm.
The company on August 24 announced the opening of another well on its flagship deep-sea project in Krishna Godavari basin in Bay of Bengal.
It is expected to augment production of crude oil and natural gas.
In January this year, ONGC had started producing oil, which is converted into fuels like petrol and diesel in refineries, from the KG-DWN-98/2 or KG-D5 block.
"On August 24, 2024, ONGC marked a significant milestone by starting production from its fifth oil well in the Block KG-DWN-98/2 Cluster-2 asset," the firm said in a stock exchange filing on Sunday.
The block has a number of discoveries that have been clubbed into clusters.
The stock has delivered multibagger returns of 139.33 percent in the last two years, as per BSE website.
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