MUMBAI (Commodity Online): Hopes run high for a fresh pact between oil majors in India and Russia is expected to take place as Putin is on a visit to India to sign multi-billion dollar deals in the field of defence and energy. Indian public sector major, Oil & Natural Gas Corporation Ltd (BOM:500312) is expected to join hands with Russian energy major, Gazprom over oil & gas exploration deal.

ONGC stocks on the Bombay Stock Exchange (BSE) traded with positive mark at Rs.1085.95 during afternoon trading session today. ONGC Chairman, RS Sharma is quoted saying that ONGC was in talks with Russian oil majors OAO Gazprom, OAO Rosneft and Sistema to explore oil and gas opportunities in Russia. However, he denied giving any further details on the talks.



ONGC already has a foothold in Russia after its acquisition of Imperial Energy in 2008.

ONGC stocks hit a high of Rs.1,091.95 and a low of Rs.1,082.35 so far during the day. The stock had underperformed the market over the past one quarter, sliding 8.87% as against 0.29% decline in the Sensex.

India's largest state-run oil exploration firm by market capitalisation has an equity capital of Rs.2138.87 crore. Company’s net profit rose 23.4% to Rs.3053.58 crore on a 23.1% rise in sales to Rs.15314.49 crore in Q3 December 2009 over Q3 December 2008.

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