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| By Samudranil Mukherjee |
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Thursday, May 20, 2010 (13:22:54) |
| Tags : India, Oil and Natural Gas Corporation, Mumbai |
Yearly profits of ONGC on a high after rise in gas prices |
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| New Delhi, May 20: The most prominent energy exploration firm in India, Oil and Natural Gas Corporation, has taken the biggest strides in the trading circles in Mumbai after the Indian government opted to raise the prices of natural gas in an effort to increase profits.
ONGC registered a rise of 11% the highest after 19th May 2009. Oil India has also benefited from the central governments decision to hike prices of natural gas as is evident from statistics available from the Bombay Stock Exchange.
While speaking to the media on 19th May Union Information Minister Ambika Soni revealed that gas prices have been brought up to Rs. 6,818 for every 1000 cubic metres. The previous price for the same amount was Rs. 3,200.
Experts opine that this increase is great as far as the financial prospects of these companies are concerned. It is expected that their bottom lines would be going up by a minimum of 15 percent. Investors are supposed to react positively to the development.
Experts have also pointed out that the valuations of the shares issued by the ONGC could rise to as much as Rs. 100 per stock as a result of increase in the prices of gas. |
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