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ONGC Videsh Ltd to be listed in 2009; Markets attempt recovery

September 4th, 2008

ONGC (BSE Script Code: 500312; Script Id:ONGC) seems to be in all happy mood after its initial success in the bid to acquire UK-based Imperial Energy. The oil major is now thinking and evaluating about the possible listing of ONGC Videsh Ltd or OVL sometime in 2009. OVL is the overseas exploration subsidary of ONGC. A leading business daily said it has information from sources close to the company that the funds raised will be used to repay some of the loans that OVL will be taking to use for the acquisition of Imeperial Energy.

ONGC’s 52-week high is 1386.90 and 52-week low is 780 on the BSE

Meanwhile, Oil stocks are not doing that well today. The BSE Oil & Gas index is down 1.83%. 6 of the 11 scripts in the index are down. ONGC is down over 3.3% followed by Reliance, Reliance Energy and Essar Oil which are all down over 2%. Aban Offshore is up 2.77%

The stock markets meanwhile made an attempt to recover from the red. The Nifty is down 1.65% at 4429 while BSE Sensex is down 1.26% at 14859.

Stelite continues to be down. The script is down 4.39% at 610.00 on the NSE. ONGC, Unitech, SAIL, DLF are all down over 3%

ICICI Bank made a bit of recovery. The script is now up 0.90% on the Nifty and is trading at 720.50 levels.

1 U.S. dollar = 43.9502 Indian Rupees
1 U.S. dollar = 108.0730 Japanese Yens
1 U.S. dollar = 0.6905 Euros
1 Ounce Gold = $802.40
1 Barrel Crude Oil = $108.99

Entry Filed under: Equity Markets, Oil & Petro Chemicals