Govt may revise ONGC's subsidy sharing structure: OilMin

The country's largest oil and gas explorer has seen profits decline due to the sale of crude oil to state-run refiners at discounted rates.

India is considering reworking the subsidy-sharing formula for Oil and Natural Gas Corp  ,Oil Minister Dharmendra Pradhan said on Wednesday, in a bid to lower its discount burden and boost the state-run oil company's profits.

Pradhan did not give details in a written statement while responding to a lawmaker's query.

The country's largest oil and gas explorer, nearly 69 percent owned by the government, has seen profits decline due to the sale of crude oil to state-run refiners at discounted rates.

India does not regulate prices of petrol and diesel any longer, but state-owned companies are forced to discount prices of other common fuels such as kerosene and cooking gas to keep a lid on retail prices.

Any move to lessen its discount burden will be favoured by investors as the government plans to sell a 5 percent stake, worth about USD 2.5 billion, in ONGC as part of its divestment programme.

Shares in ONGC ended 3 percent higher at 371.45 rupees, while the broader Nifty rose 0.15 percent.

ONGC stock price

On December 03, 2014, Oil and Natural Gas Corporation closed at Rs 371.90, up Rs 10.75, or 2.98 percent. The 52-week high of the share was Rs 472.00 and the 52-week low was Rs 264.00.

The company's trailing 12-month (TTM) EPS was at Rs 26.00 per share as per the quarter ended September 2014. The stock's price-to-earnings (P/E) ratio was 14.3. The latest book value of the company is Rs 159.81 per share. At current value, the price-to-book value of the company is 2.33.

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