ONGC jumps, while HPCL slips after merger gets in-principle approval from cabinet
DSIJ Intelligence / 20 Jul 2017
An in-principle approval has been given by the cabinet to sell the government’s entire 51.11% stake in HPCL to ONGC in a bid to create state-run integrated oil major that can compete with private and foreign players.
ONGC jumps, while HPCL slips after merger gets in-principle approval from cabinet
The merger of HPCL into ONGC to create a national oil gianthad two contrasting effects on the company’s stocks.
In the early hours of Thursday’s trade, the stock of ONGC jumped 2.55% at Rs 167.20 per share, while HPCL slipped 2.92% at Rs 372.80 per share.
An in-principle approval has been given by the cabinet to sell the government’s entire 51.11% stake in HPCL to ONGC in a bid to create state-run integrated oil major that can compete with private and foreign players.
ONGC witnessed a traded volume of 58,43,229 shares and a traded value of 9,714.37 lakh, whereas HPCL's traded volume stood at 19,41,248 shares and a traded value at Rs 7,196.21 lakh, on NSE.
HPCL witnessed short build up positions and ONGC witnessed long built up positions during Thursday's trade.
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