ONGC rises on getting nod to form joint ventures for setting-up compressed bio gas Plants
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Oil & Natural Gas Corporation is currently trading at Rs. 277.65, up by 1.00 points or 0.36% from its previous closing of Rs. 276.65 on the BSE.
The scrip opened at Rs. 276.45 and has touched a high and low of Rs. 279.45 and Rs. 275.90 respectively. So far 373005 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 5 has touched a 52 week high of Rs. 281.05 on 20-Feb-2024 and a 52 week low of Rs. 146.70 on 28-Mar-2023.
Last one week high and low of the scrip stood at Rs. 281.05 and Rs. 269.15 respectively. The current market cap of the company is Rs. 349543.06 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) has received an in-principle approval for formation of Joint Venture companies (JVs) either by the company or through its subsidiary (ies)/ associates to set up and operate 15 Compressed Bio Gas (CBG) Plants, subject to requisite approval(s). The Board of Directors of the Company at its meeting held on February 20, 2024, has considered and accorded in-principle approval for the same.
The Board also accorded, in-principle, approval for the said purpose by formation of 50:50 Joint Ventures by the company or by its subsidiary (ies)/ associates separately with SFC Environmental Technologies and EverEnviro Resource Management with seed equity contribution up to Rs 10 crore for each JV.
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.
