After the offer is made by ONGC, the new buyer will get seven days to decide if it wants to buy the remaining 49 per cent stake held by the public sector undertaking (PSU)
Sun Petrochemicals bid for three blocks, where it is locked in competition with ONGC
ONGC subsidiary OVL derives significant value from its oilfields in that country
Shares of Reliance Industries (RIL) was close to its record high level of Rs 2,750 touched on October 19, 2021.
Crude oil prices increased around 6 per cent on Tuesday amid news reports of lower supply by oil producers and easing of lockdown restrictions in parts of China
The next two quarters, according to analysts at Motilal Oswal Securities, are likely to see a sharp margin impact and corporate commentaries will worsen before they get better
Through the OFS, the government has divested 1.5 per cent stake in ONGC to raise Rs 3,000 crore.
Unsubscribed shares in retail category, if any, will be allotted to non-retail investors
Shares of ONGC are likely to be in focus as the government will sell 1.5 per cent stake in the oil producer through an offer for sale (OFS) over the next two trading sessions at Rs 159 per share.
Offer includes green shoe option, opens Wednesday; retail investors can place their bids Thursday
The Offer For Sale by the govt will be open on March 30 and 31, says ONGC; the floor price for the OFS has been set at Rs 159 per share
Retail prices of petrol and diesel had been on a freeze since October 2021 when crude oil prices were hovering around $80 a barrel
ONGC is set to gain another 12 per cent in the upcoming sessions, while other oil related stocks show weakness.
Sustained higher crude oil prices and gas realisations can result in better profitability for ONGC.
Fall in refining margins and likely sharing of subsidy burden are key overhangs
Earnings outlook for upstream PSUs has improved considerably given the recent rise in crude oil prices above $90/bbl mark and expectation of a further steep hike in domestic gas price over H1-H2FY23
SpiceJet, Berger Paints and BPCL look weak on charts, while ONGC could gain another 4-8%.
Oil prices climbed towards their highest levels in more than seven years on Monday on fears that a possible invasion of Ukraine by Russia could trigger sanctions (on the latter) from US and Europe
Demand and pricing environment remains positive; any reversal in energy prices could hurt sentiment
In Q3FY22, ONGC's net profit jumped 597 per cent YoY to Rs 8,764 crore, as against Rs 1,258 crore in the corresponding quarter of previous fiscal (Q3FY21).