Reaping APM benefits, ONGC soars 15% in ten days

State-owned energy explorer Oil & Natural Gas Corp (ONGC) has gained over 15% since the government on 19 May 2010, more than doubled the price of administered price mechanism gas to $4.2 per mbtu.
 
The stock is currently trading at its five-month high, up 3% at Rs 1,180 on the BSE. In last ten trading days, the stock has appreciated by 15% from Rs 1,029 on 19 May. The company will annually gain about Rs 5,500 crore in revenue and Rs 3,500 crore in net profit due to revised gas prices.
 
Meanwhile, the company had reported a 71% jump in net profit for the fourth quarter ended 31 March, 2010 to Rs 3,776 crore against Rs 2,207 crore in the same quarter of the previous year. The board recommended payout of Rs 33 per share dividend for 2009-10.
 
Today, around 114,000 equity shares have changed hands on the counter so far on the BSE.