Oil India surges 5%, hits 52-week high on rising oil prices, strong outlook

The company's prospects remain strong over FY24E / FY25E driven by steady increase in oil & gas output, and greater monetisation opportunities in gas via the imminent NE grid commissioning

Shares of Oil India hit a 52-week high of Rs 305 as they rallied 5 per cent on the BSE in Thursday's intra-day trade on the back of heavy volumes amid rising crude oil prices.

The company's prospects remain strong over FY24E / FY25 driven by steady increase in oil & gas output (~4 per cent growth p.a.), greater monetisation opportunities in gas via the imminent Northeast (NE) grid commissioning, resumption of Numaligarh Refinery (NRL) operations from Q2, and steady realisations for both oil & gas, according to analysts.

The stock of the state-owned oil exploration and production