ONGC records new market capitalisation high of Rs3.56 trillion

Riding the stock market upsurge created by India's elections and Narendra Modi's impending prime ministership, state-owned Oil & Natural Gas Corp said on Saturday that its market capitalisation has touched an all-time of Rs3.56 trillion.

"In intra-day trade on May 16, ONGC scrip logged a new peak of Rs416.35 on the National Stock Exchange, taking its market capitalisation to its highest ever value. However, with a 1.19 per cent gain during the day, scrip closed at Rs384.15," the company said in a statement.

 "ONGC has outperformed the broader index Nifty by 13.10 per cent. ONGC's market capitalisation is 51 per cent higher than the next highest valuable company among the listed central PSUs," the statement said.

Since listing in July 1995, the scrip of India's flagship petroleum explorer has created enormous wealth for its shareholders, the statement said.

After being promoted by the government with a capital infusion of Rs343 crore between 1959 and 1981, the 'maharatna' oil major has created wealth for its stakeholders.

 The world's third-largest exploration and production company is also the highest profit-making Indian company for the last quite a few fiscals. "ONGC remains committed to create more value for all its stakeholders," the statement added.