ONGC gains 5% on acquisition interest
State-run ONGC posted significant gains after the firm said it did not face any cash flow problems and was also looking at acquisition opportunities despite a global financial crisis.
By ET Online |
MUMBAI: State-run ONGC posted significant gains after the firm said it did not face any cash flow problems and was also looking at acquisition opportunities despite a global financial crisis.
On the sidelines of an industry summit in Beijing, ONGC chairman RS Sharma said the world financial crisis and slumping oil prices have made energy assets more attractive.
The oil & gas major said it may seek to acquire petroleum assets in Africa and Latin America to secure stable energy supplies.
At 11:20 am, the company's shares were up 4.77 percent at Rs 772.
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