ONGC scales highest-ever market cap of Rs 3.56 trillion

This fiscal, the company scrip has gained 20.54% on NSE, outpacing 7.44% gain in Nifty

Riding the wave Narendra Modi's election created in stock markets, state-owned Oil and Natural Gas Corp's (ONGC) market capitalisation has touched an all-time of Rs 3.56 trillion.

"In intra-day trade on May 16, ONGC scrip logged a new peak of Rs 416.35 on the National Stock Exchange, taking its market capitalisation to highest ever value. However, with a 1.19% gain during the day, scrip closed at Rs 384.15," the company said in a statement here.

This fiscal, ONGC scrip has gained 20.54% on NSE, outpacing 7.44% gain in Nifty.

"ONGC has outperformed the broader index Nifty by 13.10%. ONGC's market capitalisation is 51% higher than the next highest valuable company among the listed Central PSU," it said.

Since listing in July 1995, the scrip of India's flagship explorer ONGC has created enormous wealth for its shareholders.

After being promoted by the Government of India with a capital of 343 crore over 22 years during 1959 and 1981, the Maharatna oil major has created wealth for its stakeholders.

The world's number 3 Exploration & Production company (Platts 2013) is also the highest profit-making Indian company for the last quite a few fiscals. "ONGC remains committed to create more value for all its stakeholders," the statement added.