ONGC, HPCL climbs 3% on merger announcement


New Delhi: Today shares of ONGC and HPCL jumps 3 per cent trade that the proposed ONGC-HPCL deal will be finished by the end of FY18. After the expansion, the stock jumps 2.96 per cent to Rs 164.75 on BSE.

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It commenced at Rs 296 and a high and low of Rs 296 and Rs 290.50 correspondingly, in buy and sell. For now the shares of HPCL jumped 2.65 per cent to Rs 351. Other oil stocks such as IOC gains 2.30 per cent and BPCL 0.97 also towering high rising up to 3 per cent.

The Department of Investment and Public Asset Management (DIPAM) in the Ministry of Finance is touching a note for consideration of the Cabinet for divesting administration’s entire 51.11 per cent shareholding in HPCL to ONGC.

The sources has also further conveyed that, ONGC has a cash reserve of Rs 13,014 crore and to fund the administration stake acquisition in HPCL, will have to scrounge Rs 10,000 crore.

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For the quarter concluded March 31, 2017, ONGC accounted total revenue at 21,714.02 crore and net profit at 4,340.18 crore. The stock had strokes its fresh 52-week high of Rs 212 on January 31, 2017 and low of Rs 144.74.