ONGC gains marginally on announcement of new gas discovery

Oil and Natural Gas Corporation (ONGC) has sought pricing and marketing freedom to help bring to production a one-trillion cubic feet gas discovery that will open up a new sedimentary basin after over three decades.
 
The state-owned company has made a significant natural gas discovery in the Gulf of Kutch of Gujarat coast that can produce about three million standard cubic meters per day.
 
India has 26 sedimentary basins, of which only seven have commercial production of oil and gas. 
 
Meanwhile, ONGC’s stock on the bourses gained marginally in Monday’s intra-day trade. The stock on BSE traded at Rs 167.90 per share, gaining 1.94%. On NSE, the stock attracted a traded volume of 49,27,911 shares and a traded value of Rs 8,262.63 lakh.