Jindal Drilling & Industries has soared 15% to Rs 165, extending its previous day’s 19% surge on the BSE, after the Cabinet approved auction of 69 oil & gas fields and also approved a separate policy for these fields.
Under the new policy, 69 oil fields, which have been held by Oil & Natural Gas Corporation Ltd. (ONGC) and Oil India Ltd. (OIL) for many years, but have not been exploited, will be opened for competitive bidding. Under this policy, exploration companies will be able to submit bids for exploiting these oil fields. CLICK HERE TO READ FULL REPORT.
Jindal Drilling & Industries undertakes drilling operations for ONGC on leased jack-up drilling rigs, as also mud-logging operations. It re-threads casing pipe on a job-work basis for ONGC and OIL and trades in steel pipes; it also heat-treats, cold processes, threads and finishes seamless pipes.
At 12:41 PM, the stock was up 13% at Rs 161 and seen huge trading volumes. A combined 573,036 shares changed hands till 12:35 AM, against an average sub 50,000 shares that were traded daily in past two weeks on the BSE and NSE.
Under the new policy, 69 oil fields, which have been held by Oil & Natural Gas Corporation Ltd. (ONGC) and Oil India Ltd. (OIL) for many years, but have not been exploited, will be opened for competitive bidding. Under this policy, exploration companies will be able to submit bids for exploiting these oil fields. CLICK HERE TO READ FULL REPORT.
Jindal Drilling & Industries undertakes drilling operations for ONGC on leased jack-up drilling rigs, as also mud-logging operations. It re-threads casing pipe on a job-work basis for ONGC and OIL and trades in steel pipes; it also heat-treats, cold processes, threads and finishes seamless pipes.
At 12:41 PM, the stock was up 13% at Rs 161 and seen huge trading volumes. A combined 573,036 shares changed hands till 12:35 AM, against an average sub 50,000 shares that were traded daily in past two weeks on the BSE and NSE.
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