Oil India, ONGC shares fall up to 23% in September; here’s why
The BSE Oil & Gas Index has seen a correction of 7% in September, amid sharp decline in crude oil prices.
The BSE Oil & Gas Index has seen a correction of 7% in September, amid sharp decline in crude oil prices.
The contract is aimed at Production Enhancement Operations in the mature fields of ONGC's Rajahmundry Asset
India has recently overtaken the U.K. and South Korea to become one of the top five countries with the largest corporations in the world.
With this additional investment, OPaL will become subsidiary of ONGC with 95.69% equity stake.
Shares of Oil India surged as much as 9.3%, while ONGC stock rallied as much as 9.5% as Brent crude oil futures edged lower.
The share price of the oil and gas major has fallen nearly 10% in the past two sessions.
For the full fiscal 2023-24, ONGC clocked the highest-ever ₹57,101-crore profit, up 68% compared with ₹34,046 crore profit in the previous year.
OMCs have slashed petrol and diesel prices across the country by ₹2 per litre for the first time in two years since April 2022.
Under the new agreement, LNG supplies will be made on delivered (DES) basis commencing from 2028 till 2048.
Mazagon Dock Shipbuilders Limited (MDL) has entered into an agreement with the Ministry of Defence's Acquisition Wing for a substantial contract valued at ₹1,600 crore.