ONGC Shares Rise As Cyprus Unit To Merge Five Step-Down Subsidiaries With Itself
Oil and Natural Gas Corp. jumped to an over-nine-year high on Tuesday after shareholders of Imperial Energy Ltd., its Cyprus unit, approved merging its five step-down subsidiaries with itself.
Imperial Energy Ltd., a subsidiary of ONGC Videsh Ltd., has a total of seven step-down subsidiary businesses in Cyprus and Russia. Out of the seven, five will be merged, ONGC said in an exchange filing on Monday.
The five businesses are Imperial Energy Cyprus Ltd., Imperial Energy Nord Ltd., Imperal Frac Servics Cyprus Ltd., Redcliffe Holdings Ltd., Biancus Holding Ltd., and San Agio Investment Ltd. with IEL.
The merger is due for approval from the competent court of Cyprus, the exchange filing said.
Shares of the company rose as much as 2.37% to Rs 281.15 apiece, the highest since Oct. 10, 2014. It was trading 0.98% higher at Rs 277.35 apiece as of 09:55 a.m. This compares to a 0.28% decline in the NSE Nifty 50 Index.
It has declined 79.14% in past 12 months. Total traded volume so far in the day stood at 1.6 times its 30-day average. The relative strength index was at 69.23.
Out of 28 analysts tracking the company, 16 maintain a 'buy' rating, six recommend a 'hold', and six suggest a 'sell', according to Bloomberg data. The average 12-month consensus price target implies a downside of 5.3%.
-
'Never Seen This Level Of Negativity': Sandeep Tandon Says The Next Rally May Be Closer Than You Think
Veteran investor Sandeep Tandon says foreign selling is easing, large-caps are due a comeback and mid-caps are crowded, while he turns positive on gold, power and pharma this Diwali.
-
Indians Stay With Family, Not In Hotels | The Reason Why
India still lacks enough clean, reliable and affordable hotels for budget-conscious travellers.
-
The Economic Imperative: Analysing The Material Driving Force Behind India-Canada Strategic Reset
This economic complementarity is further reinforced by deep institutional investment ties and talent mobility, which form the bedrock of the bilateral framework.
-
Medicine Pricing: Where Must Profit Stop?
India must confront excessive margins, hidden incentives and regulatory gaps that threaten the integrity of medicine.
-
Why Amazon And Flipkart Are Struggling To Beat Meesho In India's Smaller Cities
With 274 million users and lowest-cost logistics, Meesho is defending its value commerce crown against giants like Amazon and Flipkart.
-
High US Salaries, No Green Card Certainty: The Financial Calculation Facing Indian H-1B Families
The suspension of PERM processing at eight technology employers does not cancel existing H-1B visas. What it does is force a question many Indian families have been avoiding: is the US salary worth tying your career and family plans to one employer?
-
Swiggy vs Eternal: Food Delivery's Two Rivals Are No Longer In The Same Race
Eternal is building a private AI assistant, dark.ai. Swiggy is still working out how to make Instamart pay, with an operating loss of Rs 895 crore in the July-September quarter while Blinkit stayed profitable.
-
Where You Live Shapes How You Get To Work | The Reason Why
Two-wheelers are the most popular way to get to work in India, accounting for nearly 43% of workplace commutes.
-
Unhedged Position: Can India See An Indonesia-Style Time Correction?
The Nifty is trading below levels it first clocked in 2024. Is there, then, as I have suggested in the headline, potential that the current time correction drags on painfully for the next three-five, even ten years?
-
Navigating Friction And Energy Realities: An Analysis Of Marco Rubio's October Visit To India
Occurring at a critical juncture marked by stalled trade negotiations and escalating geopolitical pressures over global energy supplies, the visit offers a profound window into modern US-India relations.
