Energy Maharatna Oil and Natural Gas Corporation (ONGC) has surpassed corporate biggies Reliance Industries (RIL) and ITC top take the number 2 position in the BT -500 India's Most Valuable Companies list. ONGC has gained two places over the last year's rankings to take up its highest ever position on the BT 500 list since these rankings were institutionalized in 1992.
ONGC has led the Public Sector Undertakings in the surge in market capitalization as the PSUs in the BT 500 show a 31 per cent rise in combined market capitalization, compared with a 13 per cent fall last year. ONGC's market cap registered a 31.2 per cent increase (from Rs 2,58,668cr to Rs 3,39,456 cr), thanks to the growing investor confidence. This coupled with the increase in its PAT by 5.6% has made sure that the future holds great promise for the company.