New Delhi, Dec 25: Market capitalisation of state exploration firm Oil and Natural Gas Corporation (ONGC) has exceeded the total market capitalisation of Karachi Stock Exchange.
ONGC's market capitalisation of over Rs 104,356 crore (21.74 billion dollars), at yesterday's scrip closing price of Rs 731.85, is larger than the nearly 20 billion dollar market capitalisation of Karachi Stock Exchange, industry sources said.

After veteran oil man Subir Raha took over the reins of the country's largest profit making company, ONGC has seen reversal of fortunes. From Rs 138.55 a share on May 25, 2001, when Raha took over as chairman and managing director, ONGC scrip touched an all-time high of Rs 767 on December 22. Since then ONGC has left the sensex heavy-weights like Reliance industries (m-cap of Rs 68,534 crore), Indian Oil Corporation (m-cap of Rs 50,259 crore) and HLL (m-cap of Rs 41,162 crore) way behind.
Apart from the international crude oil prices, which ruled at over 31 dollars a barrel in the last few weeks, the integrated business model adopted by ONGC, which reduces the risk of the investment, has made it favourite with investors particularly institutional investors, they said. Raha's leadership has also reversed the fortunes of ailing Mangalore Refinery and Petrochemicals Ltd (MRPL), which ongc acquired in March 28, 2003. Mrpl scrip which was ruling at Rs 8.10 (m-cap of Rs 643.71 crore) on that day, has moved up to Rs 49 (m-cap of Rs 8578 crore). Bureau Report