ONGC remains firmly in the green today even though the price spurt is less than 1%. Opening lower, the stock price climbed to the day’s high point at Rs.342.55 and it is currently up 0.5%.

The mood on the ONGC counter is positive on account of three reasons. Firstly, during Friday’s Board meeting, the company has informed that it has made three discoveries – one in deep water Krishna Godavari Basin, one in Mumbai offshore Basin and third one in Cauvery basin.

Secondly, the Board approved interim dividend of Rs.5/share for the year ending 31 March 2015. The record date for the same has been fixed as 17 December 2014.

Thirdly, the Govt has decided to defer its 5% divestment till January’15 and the market is happy with this fact.