In Indian stock market, state-possessed Oil and Natural Gas Corp (ONGC) isn’t in a rush to share its stake in Indian Oil Corp and GAIL (India) and will sit tight at the correct cost before offloading the shares, a senior organization official said. ONGC holds 13.77 percent stake in oil refiner IOC and 4.86 percent in gas utility GAIL India.
The official said that in the financial year 2017-18, ONGC has earned a profit of about Rs 3,000 crore on its interest in IOC and GAIL. The authority additionally said this is a decent income and this will assist us with keeping our shares for quite a while.
ONGC has 13.77 percent stake in IOC in excess of Rs 20,500 crore. The cost of the organization is at the cost of Rs 153.80 for each share in the Bombay Stock Exchange on October 1, 2018. Thus, in Gail, the organization has a 4.86 percent stake of Rs 4,200 crore. On October 1, 2018, Gail’s stock cost was at Rs 380.75 per share.
Officially stated that ONGC got over Rs 3,000 crore in profit wage from interests in IOC and GAIL in 2017-18 financial years.
“This is a decent return on capital and can help me hold on to shares for long,” an official said. “I am in no hurry to sell the stake. We will wait for the right price.”
The facts in the Indian stock market confirm that we are presenting a completely integrated organization. We are India’s biggest oil and gas maker and the acquisition of (oil refinery) HPCL has broadened our essence in the downstream industries.
The authority said the pace of reimbursement may back off in the third and fourth quarters inferable from outgo on assessments and profit as the way that capital spending would peak by at that point.
The authority said that in January, the share cost of Indian Oil was Rs 195 per share, which is presently running at Rs 153-154 per share. In such a circumstance, it would not be astute to share shares at such a loss, according to the report of India TV News.
In Indian stock market, ONGC had held chats with Life Insurance Corporation of India (LIC) for sharing IOC and GAIL shares, however, the state-claimed safety net provider demanded getting them at 10 percent discount to the overall cost. ONGC in this manner ruled against the share deal. ONGC as of now is the larger part proprietor of Mangalore Refinery and Petrochemicals, which has a 15-million ton refinery, according to the report of Economic Times.
The post Indian Stock Market Update: ONGC Holds 13.77 Percent Stake In Oil Refiner IOC And 4.86 Percent In Gas Utility GAIL India appeared first on OWLT Market.
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