Meanwhile, the BSE Sensex was down 64.08 points or 0.44% to 14,26123

On BSE, 16241 shares were traded in the counter.

The stock hit a high of Rs 1054 and a low of Rs 1040 so far during the day. The stock has a 52-week high of Rs 1386.90 on 2 November 2007 and a 52-week low of Rs 780 on 1 July 2007.

The companys current equity is Rs 2138.87. Face value per share is Rs 10.

The current price of Rs 1046.20 discounts Q1 June 2008 annualized EPS of Rs 124.11, by a PE multiple of 8.42.

Reports indicated that the deal is on lines of an memorandum of understanding (MoU) signed between Oil & Natural Gas Corporation (ONGC) and Rocksource in January 2008. The deepwater block in Cauvery basin was awarded to Oil & Natural Gas Corporation (ONGC) under the third round of New Exploration Licensing Policy (Nelp-III). Currently, Rocksource has licenses to produce hydrocarbon in Texas (USA). It has 16 exploration licenses on the UK Continental Shelf and two licenses on the Norwegian Continental Shelf.

On 27 August 2008, ONGC Videsh finalized a 1.4 billion pounds bid to buy Russia-focused oil explorer Imperial Energy.

ONGCs net profit rose 43.9% to Rs 6636.33 crore on a 46.5% growth in net sales to Rs 20052.20 crore in Q1 June 2008 over Q1 June 2007.

ONGC specializes in the exploration and production of crude oil and gas. The company has joint ventures in oil fields in Vietnam, Norway, Egypt, Tunisia, Iran and Australia. The Group's other activities include deep sea explorations on the east and west coasts of India, and the exploration of coal bed methane.

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