After recent lows of US stocks I started looking for overseas stocks for investment.ONGC (Oil and Natural Gas Corp) of India’s stock is upbeat in the last two years.ONGC declared its highest-ever dividend of 310 per cent in 2006-07.Ranked as the most respected Company in PSU Category in the 2006 Business World Survey, with 13th position in the league of the most respected Indian Corporate.The company, in which the Government owns 74 per cent shares, has declared its Q2 results. Its Q2 standalone net profit was at Rs 5,097 crore versus Rs 4,173.98 crore.Its Q2 standalone net sales was up at Rs 15,413.9 crore versus Rs 14,068.6 crore..Assuming that if I bought ONGC stock at the closing price on 02-11-2004 on the BSE (RS 520/-), my gain today would have been 162.39%. If I had bought on the NSE, my gain would have been 162.28%
ONGC owns and operates more than 15000 kilometers of pipelines in India, including nearly 3800 kilometers of sub-sea pipelines. ONGC is engaged in exploration and production activities.Since 1959 it has made its presence noted in most parts of India and In oversea territories. In 2006 list of Fortune Global 500 companies it stood at position 402 and moved up 33 positions to rank at 369 by 2007.ONGC Videsh, (OVL), the subsidiary of ONGC, has already struck oil and gas at four regions outside India. ONGC has major oil and gas fields on the western offshore which are active for the past 30 years. ONGC also has three new exploration blocks in Columbia recently awarded to the group’s overseas arm, ONGC Videsh Ltd. ONGC Videsh (OVL),the international arm of ONGC is learnt to have initiated a dialogue with state petroleum companies of Syria and Venezuela to get participation in oil and gas blocks in exchange of In-Situ Combustion Technology.ONGC has 46 per cent stake in Kakinada Refinery and Petrochemical Ltd, the special purpose vehicle that is building the 15 million tonne refinery.
Future investing plans of ONGC: ONGC plans to invest over USD 5 billion to produce 25 million standard cubic meters per day (mmscmd) of gas from its eastern offshore Krishna Godavari fields by 2013.
Company that promises so much is worth to monitor its stock.Once all brokerage tools (I use TDAmeritrade for US stocks) for investing in India is in place then this is one stock I would definetly add to my overseas stock portfolio.