In what comes as more positive news for the company, DK Sarraf, chairman, ONGC says the hiked prices will allow for further exploration and production.
Excerpts from Bazaar on CNBC-TV18 Watch the full show »
Hailing the government’s move to hike gas prices to USD 5.61 per million british thermal unit (mmbtu) , DK Sarraf, chairman, ONGC says the hike will lead to a Rs 4000 crore rise in revenue and Rs 2300 crore rise in the profit after tax (PAT).
In an interview to CNBC-TV18, Sarraf says the hikes will further lead to under-recoveries to be around Rs 85,000- 90,000 crore.
In what comes as more positive news for the company, Sarraf says the hiked prices will allow for further exploration and production.
“We will be aggressively bidding for NELP rounds going forward,” he adds.
Transcript to follow soon.
ONGC stock price
On October 17, 2014, Oil and Natural Gas Corporation closed at Rs 397.25, up Rs 0.25, or 0.06 percent. The 52-week high of the share was Rs 472.00 and the 52-week low was Rs 263.30.
The company’s trailing 12-month (TTM) EPS was at Rs 26.72 per share as per the quarter ended June 2014. The stock’s price-to-earnings (P/E) ratio was 14.87. The latest book value of the company is Rs 159.81 per share. At current value, the price-to-book value of the company is 2.49.