Energy Maharatna ONGC became one of the top gainers in the intra-day trading on both Bombay Stock Exchange (BSE) and broader National Stock Exchange (NSE) on 23 February 2021. The equity shares of the energy major jumped a whopping 5.55 per cent to 112.20 on BSE, an increase of 5.90 points. Meanwhile, Sensex increased 7.09 points or 0.01 per cent to 49,751.41, while BSE LargeCap surged 0.32 per cent to 5,650.49. ONGC was among the top two gainers on BSE and top four on NSE.
ONGC shares (BSE) as on 23 February 2021
On the broader NSE, the equity shares of the E&P company also witnessed an intra-day high of 114.36 before setting at 112.35, gaining around 5.69 per cent. The surge on both the indexes can be attributed to rising crude oil prices. Brent crude has gained USD 1.06 or 1.6 per cent to USD 65.30 a barrel.
The equity has been on an upward trend since 12 February 2021, when the equity shares were at 97. Notably, ONGC had declared the financial results for the third quarter (Q3), ending December 2020, on 13 February 2021. It posted a net profit of 1,378 crores despite the ongoing COVID-19 pandemic.
The market capitalization of the organization stood at Rs 1.41 lakh crores. It has the second highest market capitalization among Public Sectors Enterprises in India.
Oil companies around the world had witnessed a slump in equity shares earlier in 2020 due to the slashed demands owing to lockdown imposed in view of the COVID-19 pandemic.