After posting a record profit for the third quarter, oil and gas company, Oil & Natural Gas Corp (ONGC) saw gains today during the trading session. It comes at a time when the company is going for share sale and is expecting to raise close to Rs. 12.1 billion during that time.

Shares of ONGC went up by 1,158.15 rupees in the morning and that makes the market valuation of the company $54 billion. It is different from the negative growth that the share was seeing during month of January when it dropped by 10 per cent as compared to the market drop of 12 per cent.

Experts now believe that investors are going to be very positive about the ONGC results and that is going to give a further boost to the stock of the company.

Meanwhile, the government has planned to divest 5 per cent of its stake. The money thus raised is going to be spent on infrastructure.

ONGC is also going to return back the royalties that it has gained from Cairn India. The net income of the firm went up to 70.8 billion rupees.