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ONGC, Oil India, Selan on fire; Here's what fueled up to 13% rally today

Hardeep Singh Puri, minister of Petroleum and Natural Gas in India, said E&P offers investment opportunities worth $100 billion by 2030.

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Rex Cano Mumbai

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Shares of state-run oil exploration companies rallied up to 13 per cent in Thursday's intra-day trades amid buzz of more focus on domestic oil exploration and production.

Oil India zoomed up to 13 per cent; shares of Hindustan Oil Exploration and Selan Exploration rallied up to 8 per cent, while ONGC scaled a fresh 9-year high in trades today.

Hardeep Singh Puri, minister for Petroleum and Natural Gas in India, in a tweet on X (formerly twitter) said, India has over 651.8 million metric tonnes of crude oil and 1,138.60 billion cubic meters of natural gas waiting to be explored.

The oil minister added that, Modi government was committed to making India the most attractive investment destination for exploration & production.

Speaking at the Urja Varta conference, Puri said that the exploration and production (E&P) sector is integral in the journey towards energy self-sufficiency, which is critical for sustained economic growth.

"E&P offers investment opportunities worth $100 billion by 2030," Puri said. READ MORE

That apart, Prime Minister Narendra Modi in his recent visit to Russia pushed for a long-term arrangement for crude supplies from Russia in the backdrop of rising Russian oil exports.

ONGC stock hit a new 9-year high at Rs 306.60. The stock was trading 2.5 per cent higher at Rs 305.50. The counter has seen trades of around 10.40 lakh shares as against the two-week average volume of around 14.48 lakh shares on the BSE.

ONGC has gained over 12 per cent so far this month. In comparison, the BSE Sensex was up 1.2 so far this month.

Shares of Oil India surges up to 13.7 per cent to hit a high of Rs 583. The stock pared some gains, but was still up 5 per cent at Rs 539. The counter saw trades of around 2.88 lakh shares as against the two-week average volume of around 2.92 lakh shares on the BSE.

Recently, brokerage firm JM Financial Institutional Securities had reiterated its 'BUY' with a revised target price of Rs 325 for ONGC and Rs 555 for Oil India. READ MORE

Meanwhile, Hindustan Oil Exploration rallied 8 per cent to Rs 228. The stock was up 6.1 per cent at Rs 224 on volumes of around 5.67 lakh shares as against the two-week average volume of around 1.83 lakh shares.

Similarly, Selan Exploration surged to a high of Rs 777, and quoted with a gain of 4.3 per cent at Rs 755. The counter saw trades of around 28,000 shares as against the two-week average volume of around 17,000 shares on the BSE.



 

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First Published: Jul 11 2024 | 2:40 PM IST

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