ONGC gains on inking MoU with Indian Oil Corporation

Oil & Natural Gas Corporation is currently trading at Rs. 157.85, up by 0.25 points or 0.16% from its previous closing of Rs. 157.60 on the BSE.

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The scrip opened at Rs. 158.00 and has touched a high and low of Rs. 158.60 and Rs. 157.10 respectively. So far 184894 shares were traded on the counter.

The BSE group ‘A’ stock of face value Rs. 5 has touched a 52 week high of Rs. 168.95 on 12-May-2023 and a 52 week low of Rs. 119.80 on 06-Jul-2022.

Last one week high and low of the scrip stood at Rs. 158.60 and Rs. 152.55 respectively. The current market cap of the company is Rs. 197824.89 crore.

The promoters holding in the company stood at 58.89%, while Institutions and Non-Institutions held 38.15% and 2.95% respectively.

Oil and Natural Gas Corporation (ONGC) has signed a memorandum of understanding (MoU) with Indian Oil Corporation (IOCL) on June 14, 2023 to explore downstream opportunities in petrochemicals, through greenfield projects and acquisitions.

The agreement aims to explore prospects in utilizing downstream business in ONGC and IOCL (including their subsidiaries) and setting up assets, if feasible. Both the Maharatnas aim to scour and harness possibilities for using feedstock from both the companies and their subsidiaries to manufacture petrochemical products. The companies seek to jointly discover and search for global opportunities to enhance value creation from exports of refining and petrochemical yields as well as explore opportunities for collaboration in oil to chemicals and/or niche products.

ONGC is India’s largest government-run corporation and produces about 70% of India’s crude oil and natural gas. The corporation is the biggest public sector commercial organization in India.

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