Vedanta moves up as its Cairn Oil & Gas inks MoU to join UNEP`s OGMP 2.0
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Vedanta is currently trading at Rs. 459.20, up by 0.50 points or 0.11% from its previous closing of Rs. 458.70 on the BSE.
The scrip opened at Rs. 458.80 and has touched a high and low of Rs. 464.90 and Rs. 457.20 respectively. So far 101718 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 523.60 on 30-Sep-2024 and a 52 week low of Rs. 230.40 on 06-Nov-2023.
Last one week high and low of the scrip stood at Rs. 474.35 and Rs. 452.90 respectively. The current market cap of the company is Rs. 179682.33 crore.
The promoters holding in the company stood at 56.38%, while Institutions and Non-Institutions held 27.80% and 15.82% respectively.
Cairn Oil & Gas, part of Vedanta, has signed a Memorandum of Understanding (MoU) with United Nations Environment Programme’s (UNEP) flagship methane reporting and mitigation initiative - Oil & Gas Methane Partnership (OGMP) 2.0, making it the first Oil & Gas producer in India to commit to effective reduction of methane emissions, further accelerating its efforts to decarbonise its operations. OGMP 2.0 established a comprehensive framework that includes best practices for emissions management and a robust reporting system. It emphasises accurate measurement, reporting, and verification (MRV) of methane emissions to drive reductions effectively.
Under this MoU, Cairn will establish a 5-year methane reduction target and transparently report its progress to OGMP. This would enable Cairn to analyse its emission profiles and utilise the data to mitigate emissions cost-effectively. With this partnership, Cairn reaffirms its commitment to accelerate its efforts towards becoming Net Zero Carbon by 2030. OGMP 2.0 covers over 40% of global oil and gas production empowering companies to improve the quality and accuracy of emissions data for effective methane reduction.
Vedanta is a diversified natural resources company, whose business primarily involves producing oil and gas, zinc- lead-silver, copper, iron ore, aluminium and commercial power.
