Crude oil reached a record level of 14 years today amid the ongoing war between Russia and Ukraine. It had gone above $130 a barrel in early trade.
With this, the stock of state-owned oil company ONGC (Oil and Natural Gas Corporation) rose more than nine per cent to a 52-week high (52-week top).
Despite the fall in the stock market, ONGC shares have seen this rise.
At one o'clock in the afternoon, it was trading at Rs 180.40 with a gain of 9.11 percent, which is its 52-week high.
During this, the BSE Sensex was trading at 53,100.31, down 1233.5 points or 2.27%. Earlier, ONGC's stock had a 52-week high of Rs 176.40, which it touched on February 14 this year.
This stock had fallen to Rs 97.45 last year on April 12, 2021. This was its 52-week low. But since then it has gained more than 77 per cent.
For the financial year 2022, the company has paid an interim dividend of Rs 7.25 per share. Crude oil prices today crossed $130 a barrel, its highest level since 2008.
If oil prices remain high, ONGC's profits will improve. This is the reason why the shares of the company have gone up.
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