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ONGC's Resilient Surge: Market Capitalization Soars to New Heights

On 30 January 2024, ONGC achieved a significant milestone as its share price touched an impressive Rs 257, marking a remarkable intraday increase of almost 9 percent. This surge propelled ONGC's market capitalization to a staggering ₹3.24 lakh crore, surpassing the current topper NTPC by Rs 3000 crores. Notably, ONGC's market cap has surged by around 60 percent in the past 12 months, outperforming the Sensex and Nifty 50, which grew by 18 percent and 20 percent, respectively.

The positive momentum in ONGC's stock is attributed to the company's robust fundamentals. Recent successes, such as the production commencement from the deep-water KG DWN 98/2 Block off the Bay of Bengal coast, significantly contributed to buoying up market sentiment. Prime Minister Narendra Modi hailed this achievement as a remarkable step in India's energy journey and a boost to the mission for an Aatmanirbhar Bharat.

The production commencement announcement on 8 January 2024, led to a 2.01% intraday rise in ONGC shares to ₹220.75 on the Bombay Stock Exchange. This, in turn, resulted in a turnover of ₹14.30 crore and a simultaneous increase in market cap to ₹2.74 lakh crore. The positive response from the market, coupled with the Prime Minister's acknowledgment, reinforced ONGC's position as one of India's most valuable publicly listed corporations.

Financially, ONGC's consolidated revenue for the September 2023 quarter reached ₹1.49 lakh crore, with an operating profit of ₹28,255.3 crore. For FY23, net profit stood at ₹35,440.5 crore, demonstrating substantial growth. The market valuation of ONGC as of 19 December 2023, was ₹2.52 lakh crore, highlighting its resurgence in the public sector market.

ONGC's recent achievements, coupled with its ability to overcome adversities, underscore its enduring strength and strategic resilience. The company's impressive market performance reflects not only its current success but also its potential to continue thriving in the dynamic energy sector. Investors and stakeholders are closely watching ONGC as it continues to set new benchmarks in the Indian market.

ONGC's Resilient Surge