ONGC Declares Record Date To Pay 65% Dividend: Key Highlights

Maharatna ONGC is the largest crude oil and natural gas Company in India, contributing around 71 per cent to Indian domestic production. Crude oil is the raw material used by downstream companies like IOC, BPCL, HPCL and MRPL (Last two are subsidiaries of ONGC) to produce petroleum products like Petrol, Diesel, Kerosene, Naphtha, and Cooking Gas LPG.

Oil and Natural Gas Corporation Ltd. has a market capitalization of Rs 1,69,959.57 crore at the time of writing the story. The board of the company has now fixed record date to pay 65% equity dividend.

Record Date: The record date is the date when the existing shareholder must own the stock to become eligible to get the new shares obtained by a stock split. Meanwhile, in case you happen to buy or sell shares between record date and effective date, then the right to new shares will transfer. Check key highlights below:

1. ONGC Fixes Record Date To Pay Dividend

The board of directors of the company in their BSE filing dated August 4, 2022 stated, "This is to inform that 29th Annual General Meeting (AGM) of the Members of the Company will be held on Monday, the 29th August, 2022 at 14:00 hrs (IST)through Video Conferencing (VC) / Other Audio Visual Means (OAVM). Company has fixed Friday, the 19th August, 2022 as the ''Record Date'' for determining members eligible to receive final dividend of 3.25 per share (i.e.@ 65%) for the financial year 2021-22. The dividend recommended, if approved at the AGM, will be paid within the stipulated period of 30 days of declaration."

2. ONGC Stock Outlook

The current market price of the stock is Rs 135 apiece on BSE with a decline of 0.26% in trading today so far (9:24 am). The 52-week high of the stock is Rs 194 apiece and 52-week low is Rs 108 apiece. The company has strong financials. It has a TTM PE of 3.82 and sector PE of 4.71. The TTM EPS is 35.47.

3. ONGC Dividend History

The company has maintained a good dividend history and regularly declared dividend in the last 5 years. It has a dividend yield of 7.71%. It declared an equity dividend of 210% or Rs 10.5 share for the year ending March 2022.

4. ONGC About

ONGC has a unique distinction of being a company with in-house service capabilities in all areas of Exploration and Production of oil & gas and related oil-field services. Winner of the Best Employer award, this public sector enterprise has a dedicated team of around 27,000 professionals who toil round the clock in challenging locations.