ONGC rose 0.39% to Rs 333.90 at 11:15 IST on BSE after the company entered into a memorandum of understanding with Super Wave Technology for researching alternative technology for hydraulic fracturing.
The announcement was made after market hours yesterday, 18 February 2015.
Meanwhile, the S&P BSE Sensex was down 95.63 points or 0.33% at 29,224.63
On BSE, so far 1.26 lakh shares were traded in the counter as against average daily volume of 4.11 lakh shares in the past one quarter.
The stock was volatile. The stock rose as much as 1% at the day's high of Rs 335.95 so far during the day. The stock rose as much as 0.12% at the day's low of Rs 333 so far during the day. The stock had hit a record high of Rs 472 on 9 June 2014. The stock had hit a 52-week low of Rs 271.40 on 18 February 2014.
The stock had underperformed the market over the past one month till 18 February 2015, falling 3.94% compared with 4.26% rise in the Sensex. The scrip had also underperformed the market in past one quarter, falling 14.87% as against Sensex's 4.11% rise.
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India's largest oil & gas exploration firm by sales has equity capital of Rs 4277.74 crore. Face value per share is Rs 5.
ONGC announced yesterday, 18 February 2015, that the company has entered into a memorandum of understanding (MoU) with Super Wave Technology (SWTPL) for researching alternative technology for hydraulic fracturing. SWTPL is a company incorporated by Society for Innovation and Development, Indian Institute of Science, Bangalore.
With this partnership, ONGC will provide assistance to SWTPL, for developing Shock Wave Assisted Fracturing technology, an alternate to the conventional hydraulic fracturing which if proven effective as a substitute to hydraulic fracturing, in particular for shale gas exploration, will be a game changer for the oil & gas industry. The MoU signed will provide impetus for development and field implementation of Shock Wave technology for oil & gas fields. Once successful, technology will be jointly patented by ONGC and SWTPL for further commercial benefits worldwide.
ONGC's net profit fell 49.9% to Rs 3571.20 crore on 13.7% decline in total income to Rs 20302.02 crore in Q3 December 2014 over Q3 December 2013.
ONGC is India's largest oil and gas exploration firm by sales. The Government of India holds 68.94% stake in ONGC (as per the shareholding pattern as on 31 December 2014).
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