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Vedanta bags 41 oil, gas blocks in open acreage auction; stock up over 3%

At 12:24 pm, the stock was at Rs 232.85, up 1.11%. In comparison, the Nifty 50 index was at 11,727, down 0.1%.

SI Reporter  |  New Delhi 

Vedanta
FILE PHOTO: A bird flies past the logo of Vedanta installed on the facade of its headquarters in Mumbai | Photo: Reuters

Shares of rose 3.45% to Rs 238.25 per share on the (NSE) in intra-day trade after the company got 41 blocks, out of the total 55 on offer, under the country's of under the (OALP-I).

At 12:24 pm, the stock was at Rs 232.85, up 1.11%. In comparison, the Nifty 50 index was at 11,727, down 0.1%. So far in intra-day, has hit a low of Rs 231.60 on

The Directorate General of Hydrocarbons (DGH) on Tuesday came out with the list of winners, which also included Oil India (OIL), with nine blocks, and Oil and Natural Gas Corporation (ONGC), with two Three companies -- Gail (India), Hindustan Oil Exploration Company (HOEC) and Bharat PetroResources -- got one block each.

"We are an energy deficient country and policies like OALP will help reduce the country's import dependence for oil from around 80 per cent now to 67 per cent by 2022, in line with the vision of the prime minister," said Anil Agarwal, chairman of He added that the government decision will strengthen the vision of Vedanta's oil and gas division to contribute about 50 per cent of the country's crude oil production.

The current round was in the owing to the non-aggressive bidding strategy of the largest hydrocarbon player, ONGC. The company said that the move was a commercial decision. READ MORE HERE

First Published: Wed, August 29 2018. 12:31 IST
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