State-run Oil and Natural Gas Corporation's (ONGC) market valuation on Tuesday topped the Rs 3 lakh-crore-mark, a feat achieved only by industry heavy weight Reliance Industries till now.
In line with the broader market, shares of ONGC surged nearly one per cent to touch an intra-day high of Rs 1,415, fuelling the market capitalisation of the firm to a whopping Rs 3,00,511 crore in the morning trade.
Reliance Industries' market cap stood at Rs 3,38,883 crore and retained its position as the most-valued company. The shares of the company, however, were trading in the negative territory and dipped 0.36 per cent at Rs 1,036 in the morning trade.
ONGC investors got richer by as much as Rs 555 crore in just over two hours of trading, as the market valuation of the company stood at Rs 2,99,956 crore at the end of trade on Monday.
Analysts said the rally in the broader market and sustained inflows of overseas funds, bolstered the stock.
The Bombay Stock Exchange benchmark Sensex shot up over 135 points to regain the magical 20,000-level in the opening trade on Tuesday, for the first time since January 17, 2008, on spurt in buying of oil and gas, capital goods and banking sector stocks.
Similarly, the wide-based National Stock Exchange also crossed the crucial 6,000 points to trade 36.40 points higher at 6,016.85 points. Both indices have regained these levels after almost 32 months.
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