Oil India rises on signing MoU with Petrobras
Oil India is currently trading at Rs. 416.50, up by 4.55 points or 1.10% from its previous closing of Rs. 411.95 on the BSE.
The scrip opened at Rs. 410.25 and has touched a high and low of Rs. 421.35 and Rs. 410.25 respectively. So far 2000 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 767.30 on 30-Aug-2024 and a 52 week low of Rs. 296.08 on 13-Feb-2024.
Last one week high and low of the scrip stood at Rs. 436.80 and Rs. 395.05 respectively. The current market cap of the company is Rs. 67008.11 crore.
The promoters holding in the company stood at 56.66%, while Institutions and Non-Institutions held 36.54% and 6.80% respectively.
Oil India (OIL) has signed a Memorandum of Understanding (MoU) with Petrobras, Brazil’s state-controlled oil major, to collaborate in the exploration and production of hydrocarbon resources in India’s offshore regions. This strategic partnership marks a significant milestone in fostering bilateral energy cooperation between India and Brazil. Under this collaboration, OIL and Petrobras will jointly explore opportunities in India’s deep and ultra-deep offshore regions, including the Mahanadi, Andaman, and other sedimentary basins.
The partnership aligns with the Government of India’s policy initiatives aimed at accelerating hydrocarbon exploration under the Hydrocarbon Exploration and Licensing Policy (HELP) and the Open Acreage Licensing Policy (OALP).
Oil India, a Navratna Company, is Asia's oldest and biggest pioneer oil exploration and Production Company.
