Institutions help maintain ONGC surge

DALAL STREET SPIKES

Shares in Oil and Natural Gas Corporation (ONGC) continued to surge in the secondary market as its public issue has witnessed a tremendous response.

The stock, since the opening of the issue in March, has risen sharply from the Rs 760 levels to Wednesday's close of Rs 840.60, up nearly 10.5 per cent.

On Wednesday the stock was marginally up at Rs 840.60, up 0.36 per cent from its previous close. According to market analysts, the stock is attracting buying from institutional investors as the stock is considered relatively undervalued compared to its global peers.