Oil India surges on getting nod for equity contribution of upto Rs 1738 crore in NEGDCL
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Oil India p is currently trading at Rs. 285.25, up by 7.75 points or 2.79% from its previous closing of Rs. 277.50 on the BSE.
The scrip opened at Rs. 284.85 and has touched a high and low of Rs. 288.10 and Rs. 280.80 respectively. So far 79536 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 296.95 on 23-Aug-2023 and a 52 week low of Rs. 168.30 on 28-Sep-2022.
Last one week high and low of the scrip stood at Rs. 288.10 and Rs. 269.60 respectively. The current market cap of the company is Rs. 31122.43 crore.
The promoters holding in the company stood at 56.66%, while Institutions and Non-Institutions held 37.25% and 6.10% respectively.
Oil India (OIL) has received approval from board of directors for equity contribution of upto Rs 1738 crore in line with OIL's shareholding percentage (49%) in the Joint Venture Company (JVC) with Assam Gas Company (AGCL) (51%) viz. North East Gas Distribution Company (NEGDCL) (a State Govt. Company), incorporated for executing the City Gas Distribution (CGD) projects. The Board of Directors of the Company at its meeting held on September 04, 2023, has accorded its approval for same.
Oil India (OIL), a Navratna Company, is Asia's oldest and biggest pioneer oil exploration and Production Company.
