Business Daily from THE HINDU group of publications
Thursday, Nov 23, 2006
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Business Daily from THE HINDU group of publications Thursday, Nov 23, 2006 ePaper |
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Stock Markets Markets - Stocks Industry & Economy - Petroleum Columns - Ear to the ground
Energy majors ONGC and Reliance turned active ahead of the crucial meeting of the Empowered Committee of Secretaries to consider winners of sixth round of New Exploration Licensing Policy (NELP). The meeting is expected to take place on Thursday. The NELP VI, which offered 55 exploration and production blocks, attracted 165 bids from global energy giants as well as the domestic majors. In all, 66 companies - 35 foreign and 31 Indian - bid either on their own or as consortia. Market grapevine has it that ONGC and Reliance Industries may bag major chunk of the blocks. While ONGC submitted 45 bids adopting a consortium approach, GAIL (India) 28 bids and Reliance Industries 21 bids (20 solo and one with Oil India). On the BSE, the ONGC stock on Wednesday gained 1.39 per cent at Rs 856.95 after hitting an intra-day high of Rs 862.80; Reliance gained 0.34 per cent at Rs 1,278.25 after hitting a high of Rs 1,290 during the day; and GAIL (India) finished a shade higher at Rs 259 (Rs 258.75) after registering a high of Rs 261.85.
K.S. Badri Narayanan
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