Share-split, bonus issue lift ONGC up

Oil & Natural Gas Corporation (ONGC) jumped over five per cent in the opening trade on the Bombay Stock Exchange on Thursday, buoyed by the government's approval to the share split and issue of bonus shares by the company.

The government on Wednesday approved a share split in ONGC and issue of bonus shares as a prelude to the company's follow-on public offer in March 2011.

Bolstered by the move, share of the state-run oil and gas major had a good start and surged 5.07 per cent to an early high of Rs 1,353.85 on the Bombay Stock Exchange.

Similarly, the scrip witnessed a gain of 5.31 per cent to trade at Rs 1,354.65 on the National Stock Exchange.

Significant gains in the heavy-weight was instrumental in pushing up the 30-share benchmark Sensex by 217 points to 20,067.