ONGC Record Profit Boosts Shares, May Help Stake Sale

31/01/2011 00:00 AST

Oil & Natural Gas Corp. gained in Mumbai trading after posting a record profit in the third quarter that may also increase investor confidence before a share sale likely to raise 121.2 billion rupees ($2.6 billion).

ONGC rose 2.2 percent to 1,158.15 rupees at 9:18 a.m. local time, giving the company a market value of about $54 billion. The stock has dropped 10 percent this month compared with the benchmark Sensitive Index’s 12 percent decline.

“Investors will probably be positive after ONGC’s results,” said K.K. Mital, a New Delhi-based fund manager with Globe Capital Market Ltd. “Sentiment on the ONGC stock should get a boost, especially after it has dropped so much recently.”

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