ONGC share buyback opens today. Should you tender your shares?

On business front, ONGC's Q2FY19 result was above market expectation with net realisations at US$73.1/bbl with nil subsidy burden

Recently, two major oil PSUs (public sector undertakings) - Indian Oil Corporation (IOC) and Oil and Natural Gas Corporation (ONGC) - announced their respective share buyback programmes as part of the government's divestment drive.

IOC plans to buyback 297.7 million shares at a price of Rs 149 apiece, amounting to Rs 44.35 billion. This apart, the company has also declared an interim dividend of 67.5 per cent i.e. Rs 6.75 per equity share of face value of Rs 10 each for the financial year 2018-19. 

On the other hand, India's biggest oil explorer ONGC has announced buyback of 253 million