ONGC slumps

Oil & Natural Gas Corporation slumped 3.04% to Rs 1068.05 at 11:49 IST on BSE despite reports of the company planning to list its wholly owned overseas exploration unit ONGC Videsh in 2009.
The stock hit a high of Rs 1105 and a low of Rs 1057 so far during the day. The stock has a 52-week high of Rs 1386.90 on 2 November 2007 and a 52-week low of Rs 780 on 1 July 2008.
The company’s current equity is Rs 2138.87. Face value per share is Re 1.
The current price of Rs 1068.05 discounts Q1 June 2008 annualized EPS of Rs 124.11, by a PE multiple of 8.61.
As per reports, Oil & Natural Gas Corporation (ONGC) will utilise the listing proceeds to repay some of the bridge loans that ONGC Videsh will raise to finance its $2.8-billion acquisition of Imperial Energy and for future acquisitions.
On 27 August 2008, Oil & Natural Gas Corporation (ONGC)’s unit ONGC Videsh finalized a 1.4 billion pounds bid to buy Russia-focused oil explorer Imperial Energy.
On 29 July 2008, ONGC’s board approved a memorandum of understanding with Uranium Corporation of India (UCIL) for exploration and exploitation of uranium.
In June 2008, ONGC and Mangalore Refinery & Petrochemicals (MRPL) withdrew from Kakinada Refinery & Petrochemicals (KRPL) and Kakinada Special Economic Zone (KSEZ) projects.
ONGC’s net profit rose 43.9% to Rs 6636.33 crore on a 46.5% growth in net sales to Rs 20052.20 crore in Q1 June 2008 over Q1 June 2007.
ONGC specializes in the exploration and production of crude oil and gas. The company has joint ventures in oil fields in Vietnam, Norway, Egypt, Tunisia, Iran and Australia. The Group's other activities include deep sea explorations on the east and west coasts of India, and the exploration of coal bed methane.