Oil India’s New Profit Engine
Ranjit Rath takes to new techniques to monetise discoveries, upgrades infrastructure, boosting the market cap of the Maharatna CPSE.
Ranjit Rath takes to new techniques to monetise discoveries, upgrades infrastructure, boosting the market cap of the Maharatna CPSE.
With this additional investment, OPaL will become subsidiary of ONGC with 95.69% equity stake.
The share price of the oil and gas major has fallen nearly 10% in the past two sessions.
Of the stocks included in the Nifty Oil & Gas index,13 are on the rise today, with Adani Total Gas and Oil India up 4.10% and 2.52%, respectively.
Among other state-owned OMCs, Oil India, GAIL (India), ONGC shares surged up to 4% amid strong volume trade.
OMCs such as IOCL, BPCL, and HPCL are likely to swing back to the black, thanks to sharp narrowing of marketing losses on retail fuels and steady GRMs.
The public sector oil and gas major has declared an interim dividend of ₹6.75 on each equity share of ₹5, resulting in a total payout of ₹8,492 crore.
Total profits of the Fortune India 500 companies declined nearly 22% over the previous year, while cumulative revenues fell by 1.4%.
Public sector companies, in many ways, are the true jewels of the 500 list, and prove to be the best bets for those who want to earn steady returns on investments in the form of equity dividends.
Oil major Shell’s latest annual LNG Outlook talks about the growing importance of gas as an energy source as the world moves towards a low-carbon emission economy.