ONGC regains market-cap throne
A surge of over 4% in its scrip helped ONGC regain its numero uno slot in terms of market cap today.
Incidentally, both Reliance Industries (RIL) and ONGC counters have been on the uptrend since late last month.At the end of trading, ONGC’s market-cap was Rs 1,79,440.50 crore, compared to Reliance Industries (RIL)’s Rs 1,78,870.94 crore. As can be seen, the difference between the market-caps of the two is quite narrow, which means that the battle will continue to rage between them for the top slot in the near term.
It may be recalled that Reliance Industries had, last month, unseated the PSU oil explorer from its throne.Media reports inform that ONGC is planning joint ventures with Russian oil companies, to acquire oil and gas assets in Russia and other countries, which boosted the counter today. The stock was also boosted by reports that the government has firmed up a natural gas policy.
At current Rs 838.95, ONGC trades at a PE multiple of 10.8 based on its six months April-September 2006 annualised EPS of Rs 77.54. It is perhaps, the cheapest available Sensex constituent today in terms of PE multiple.
Reliance Industries (RIL) scrip has surged in the past two days after it doubled its natural gas output estimates from deep-sea fields to 80 million cubic metres a day. At current Rs 1,283.60, RIL trades at a PE multiple of 16.9 based on its six months (April-September 2006) annualised EPS of Rs 75.80.
Incidentally, both Reliance Industries (RIL) and ONGC counters have been on the uptrend since late last month.At the end of trading, ONGC’s market-cap was Rs 1,79,440.50 crore, compared to Reliance Industries (RIL)’s Rs 1,78,870.94 crore. As can be seen, the difference between the market-caps of the two is quite narrow, which means that the battle will continue to rage between them for the top slot in the near term.
It may be recalled that Reliance Industries had, last month, unseated the PSU oil explorer from its throne.Media reports inform that ONGC is planning joint ventures with Russian oil companies, to acquire oil and gas assets in Russia and other countries, which boosted the counter today. The stock was also boosted by reports that the government has firmed up a natural gas policy.
At current Rs 838.95, ONGC trades at a PE multiple of 10.8 based on its six months April-September 2006 annualised EPS of Rs 77.54. It is perhaps, the cheapest available Sensex constituent today in terms of PE multiple.
Reliance Industries (RIL) scrip has surged in the past two days after it doubled its natural gas output estimates from deep-sea fields to 80 million cubic metres a day. At current Rs 1,283.60, RIL trades at a PE multiple of 16.9 based on its six months (April-September 2006) annualised EPS of Rs 75.80.
posted by SY at 5:44 PM
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