ONGC shares surge in a volatile market- Here’s why…

Shares of ONGC, one of India’s largest oil and gas companies, are trading today, January 10 on a positive note. As of 12:02 PM IST, the company’s stock is trading positively, up by 1.09%, at Rs 265.95 per share. The stock today opened at Rs 264.00 and reached a high of Rs 266.50, during the intraday trading session.

The stock is currently trading above its 5-day, 20-day, and 50-day moving averages but remains below the 100-day and 200-day averages. This surge came after a series of positive developments for the company. One of the focal points is this recent surge in the stock price is ONGC’s recent partnership with BP to enhance production at the Mumbai High field, India’s largest offshore oil and gas field.

ONGC’s partnership with BP

One of the reasons behind this uptick in the share price of the company is its move to enhance production from its flagship Mumbai High field. ONGC has partnered with UK-based BP as a technical service provider (TSP) to increase crude oil and gas output significantly over the next decade.

Also Read Cochin Shipyard shares hit 5% upper circuit after Adani Ports places order worth Rs 450 crore Concord Enviro shares slip 1.32% on BSE after 18% premium debut; Market valuation at Rs 1,700.51 crore Religare Enterprises Share Price Today Live Updates, 27 Dec, 2024: Religare Enterprises on the radar Stocks To Watch: IndusInd Bank, Religare Enterprises, Reliance Power, ACME Solar Holdings, Mankind Pharma, RBL Bank, L&T

According to ONGC, the partnership could lead to a 44% jump in crude oil production and an 89% boost in gas output from the Mumbai High field. The company estimates that this could generate additional revenue of up to $10.3 billion over the contract period, with visible gains starting from FY26 and scaling up by FY28.

Also Read: Delta Autocorp IPO Allotment Today: Here’s how to check status online on NSE, Link Intime; GMP surges over 95%

“Mumbai High (MH) is an Oil Producing Field of the Company, located in the Mumbai offshore area, was discovered by ONGC in 1974 and started production in 1976. While the Company focuses on unlocking the potential of new hydrocarbon resources through green-field projects, enhancing recovery from mature fields like MH also remains a top priority for increasing domestic production,”

 » Read More

Related Articles

Big relief! No more charges for updating nominee details in PPF accounts

Now, you won’t be charged for updating or modifying details of the nominee in your Public Provident Fund (PPF) account as “necessary changes” are being made to the Government Savings Promotion General Rules 2018. “In the Government Savings Promotion General Rules, 2018, in Schedule II, under ‘Fee to be charged for services,’ the words and

Trump tariffs drive investors to Gold! Here are 3 Gold ETFs to invest in right now

US President Donald Trump’s sweeping reciprocal tariffs have created a stir in the global markets, impacting almost all asset classes. Equities slumped, bonds surged, and gold hit new highs. Investors’ concerns grew, and their direct impact is visible on the prices of gold. Investors scramble towards safe-haven assets like gold in times of uncertainty, and

Can Trump tariff boost India’s textile industry? A look at 3 crucial factors

US President Donald Trump has announced a flat 26 per cent tariff on Indian goods with some exemptions and according to analysts, this comes as a double-edged sword for India’s textile sector. While the increased tariff is likely to impact exports with the US being a major market for Indian textiles, it also gives India’s

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Stay Connected

0FansLike
0FollowersFollow
0SubscribersSubscribe
- Advertisement -

Latest Articles

Big relief! No more charges for updating nominee details in PPF accounts

Now, you won’t be charged for updating or modifying details of the nominee in your Public Provident Fund (PPF) account as “necessary changes” are being made to the Government Savings Promotion General Rules 2018. “In the Government Savings Promotion General Rules, 2018, in Schedule II, under ‘Fee to be charged for services,’ the words and

Trump tariffs drive investors to Gold! Here are 3 Gold ETFs to invest in right now

US President Donald Trump’s sweeping reciprocal tariffs have created a stir in the global markets, impacting almost all asset classes. Equities slumped, bonds surged, and gold hit new highs. Investors’ concerns grew, and their direct impact is visible on the prices of gold. Investors scramble towards safe-haven assets like gold in times of uncertainty, and

Can Trump tariff boost India’s textile industry? A look at 3 crucial factors

US President Donald Trump has announced a flat 26 per cent tariff on Indian goods with some exemptions and according to analysts, this comes as a double-edged sword for India’s textile sector. While the increased tariff is likely to impact exports with the US being a major market for Indian textiles, it also gives India’s

Infosys files fresh case against Cognizant; accuses IT firm of abusing ‘power of monopoly’

Infosys has filed fresh charges in a US district court against US-based Cognizant Technology Solutions, a report by The Times of India said. The company has accused Cognizant for leveraging its power of monopoly to restrain the competition and maintain its dominance in the healthcare software market via its platform Cognizant TriZetto Software Group. Infosys

Impact of Trump tariff likely to be limited says Motilal Oswal

The domestic brokerage house Motilal Oswal believes that the US tariff impact will remain minimal on India. India’s exports in the six most vulnerable sectors amount to only 1.1% of India’s GDP. “Overall, we believe that the impact of reciprocal tariffs (assuming full product-level reciprocity) on India will be limited on a national basis,” said