ONGC inches up on inking joint venture agreement with NGEL
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Oil & Natural Gas Corporation is currently trading at Rs. 272.00, up by 0.05 points or 0.02% from its previous closing of Rs. 271.95 on the BSE.
The scrip opened at Rs. 273.85 and has touched a high and low of Rs. 274.30 and Rs. 269.00 respectively. So far 592646 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 5 has touched a 52 week high of Rs. 275.30 on 07-Feb-2024 and a 52 week low of Rs. 143.20 on 09-Feb-2023.
Last one week high and low of the scrip stood at Rs. 275.30 and Rs. 249.50 respectively. The current market cap of the company is Rs. 341554.58 crore.
The promoters holding in the company stood at 58.89%, while Institutions and Non-Institutions held 38.22% and 2.89% respectively.
Oil and Natural Gas Corporation (ONGC) and NTPC Green Energy (NGEL) have signed a Joint Venture Agreement (JVA) to develop renewable energy projects focusing on offshore wind. This was signed on February 7, 2024 during India Energy Week held at Goa.
The JVA marks a pivotal collaboration aimed at spearheading Renewable Energy Projects both within India and on the international stage. Specifically, the agreement encompasses ventures in offshore wind projects while also delving into potential opportunities in Storage, E-mobility, Carbon Credits, Green Credits, Green Hydrogen business, and its derivatives such as Green Ammonia and Green Methanol.
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.
