Page 19 - Ongc

ONGC, IOCL, Vedanta's bonds worth $1.9 bn mature in FY23: Moody's

Three major oil and gas companies- Oil and Natural Gas Corporation Limited (ONGC), IOCL and Vedanta Resources Limited together have around USD 1.9 billion of rated US dollar bonds maturing next year, rating agency Moody's Investor Services has said. Capital markets are volatile and investor appetite remains selective, so refinancing risks will remain elevated particularly for high-yield issuers such as Vedanta, which accounts for around 47 per cent of the upcoming bond maturities, it opined in a report on December 1. Vendanta's USD 400 million (coupon rate 8 per cent) and another USD 500 million (7.125 per cent) bonds would mature on April 23 and May 31 next year respectively while ONGC's USD 500 million bonds (3.75 per cent) and IOCL's USD 500 million bonds (5.75 per cent) would mature on August 1 and May 7 next year respectively, it said. The rating agency also said the weakening rupee is credit negative for Indian companies that generate revenue in the domestic currency but depen

Sensex snaps 8-day winning run, ends 415 pts lower; IT, Auto stocks weigh

CLOSING BELL: The NSE Nifty shut shop at 18,696, down 117 points. Broader indices - BSE Midcap and Smallcap bucked the trend, and were up 0.8 per cent and 0.7 per cent, respectively, on Friday.

ONGC, Oil India jump up to 3% on sharp cut in windfall tax

The tax on crude oil produced by firms such as state-owned ONGC was reduced to Rs 4,900 per tonne from Rs 10,200 per tonne w.e.f December 02, 2022.

Proposed gas price revision to bring short-term relief to CGDs: Analysts

The proposed domestic gas pricing formula by Kirit Parikh panel will likely provide headroom to CGDs to reduce prices and improve margins, but this may hurt producers like ONGC, Oil India, experts say

Benchmarks extend record breaking run; Nifty tops 18,800; IT, metals shine

CLOSING BELL: Global cues triggered by Powell's positive remarks boosted sentiment. The Sensex scaled a new high at 63,583, while the Nifty 50 came within striking distance of 18,900 on Thursday.

Kirit Parikh panel recommendations: 'Remove caps on gas prices by 2027'

The committee has also recommended a ceiling price of $6.5 per mmBtu, which may be increased yearly by about $0.5 per mmBtu till 2027, Parikh said

IGL, MGL gain up to 4% post Kirit Parikh panel gas pricing recommendations

The S&P BSE Oil & Gas index hit a 52-week high of 20,653.57 in intra-day trade on Wednesday

Sensex hits 63K, gains 418pts; Nifty ends at record high of 18,750

CLOSING BELL: The S&P BSE Sensex scaled a new summit at 63,303, and settled above 63,000-mark for the first-time ever. The Nifty 50 hit a new all-time high at 18,816 on Wednesday.

Stocks to Watch: Zomato, SBI, Adani Group, Britannia, ONGC, Gland Pharma

Stocks to Watch Today: According to reports, Zomato is likely to witness a block deal on Wednesday.

ONGC gas price to be at $6.5 for 5 yrs, no change in Reliance-bp price

A government-appointed gas price review panel, led by Kirit Parikh, is recommending a floor and ceiling price for natural gas produced from legacy fields of state-owned firms for five years to help moderate CNG and piped cooking gas rates. State producers Oil and Natural Gas Corporation (ONGC) and Oil India Ltd (OIL) will be paid a minimum or floor price of USD 4 per million British thermal unit and a cap or ceiling price of USD 6.5 as against the current rate of USD 8.57, three sources with direct knowledge of the matter said. The report, which calls for not tinkering with the existing pricing formula for difficult fields such as KG-D6 of Reliance Industries and bp plc, is under finalisation and may lower the ceiling price for ONGC gas marginally. The floor and ceiling price will be applicable for five years although the initial thought was to keep it for three years, they said adding the ceiling price will have an annual escalation clause. The escalation being suggested is USD 0.

India's gas target of 15% was only aspirational. Time to give it up?

While several bankers and analysts have projected the difficulty of reaching this number, it is important to figure out where the target of 15 per cent came from

Centre gets huge dividend tranche of Rs 5,001 crore as dividend from ONGC

The Central government on Monday received a huge dividend tranche of Rs 5,001 crore from the Maharatna company ONGC.

Kirit Parikh panel may recommend price caps to help moderate CNG rates

A government-appointed gas price review panel, led by Kirit Parikh, is likely to recommend price caps for natural gas produced from legacy fields of state-owned firms to help moderate CNG and piped cooking gas rates, while keeping the pricing formula for difficult fields unchanged. The panel, which was tasked with suggesting a "fair price to the end-consumer" while ensuring "market-oriented, transparent and reliable pricing regime for India's long-term vision for ensuring a gas-based economy", may opt to suggest two different pricing regimes, officials said. For the legacy or old fields of Oil and Natural Gas Corporation (ONGC) and Oil India Ltd (OIL) -- where the cost has long been recovered and which are currently governed by a formula that uses rates in gas-surplus nations such as the US, Canada and Russia -- the committee is likely to recommend a floor or minimum base price and cap or ceiling rates. This would ensure that prices do not fall below cost of production, as they did

The big short in oil & gas PSUs: Lack of leadership in sector hurting India

The government deplores the lack of good leadership in these companies but it adds to the problem with sub-optimal appointment practices for chief executives in this sector

ONGC to reverse oil, gas output dip; eyes 18% jump in production in FY25

India's largest oil and gas producer ONGC will this year reverse years of decline in production and gradually raise output thereafter as it invests billions of dollars to produce from newer discoveries, company's management told investors in a call. Oil and Natural Gas Corporation (ONGC) in fiscal year 2021-22 produced 21.707 million tonne of crude oil, which is refined to produce petroleum products like petrol and diesel, and 21.68 billion cubic meter (bcm) of natural gas, which is used to produce electricity, manufacture fertilizer and as CNG in automobiles. In current fiscal year (2022-23), crude oil production is slated to rise to 22.823 million tonne and gas to 22.099 bcm. In the following fiscal year, oil production will climb to 24.636 million tonne and to 25.689 million tonne in 2024-25, the management told investors in a call post announcement of second quarter earnings last week. Natural gas production is slated to rise to 25.685 bcm in 2023-24 and to 27.529 bcm in the ...

Higher crude realisations have analysts upbeat on ONGC, Oil India

ONGC reported standalone earnings before interest, taxes, depreciation, and amortisation (EBITDA) of Rs 18,810 crore

BPCL's former Chairman Arun Kumar Singh to be the next head of ONGC

Oil refining and marketing company BPCL's former chairman Arun Kumar Singh is likely to be the new chairman of India's top oil and gas producer ONGC -- the first instance of a top PSU board-level position going to a person aged over 60. A search-cum-selection committee, constituted by the oil ministry, zeroed in on Singh after interviewing six candidates on August 27, two sources aware of the matter said. Singh retired after attaining the superannuation age last month and was already selected to head the Petroleum and Natural Gas Regulatory Board (PNGRB) before the August 27 interviews. If his selection is approved, Singh will get three years as head of the cash-rich PSU (Public Sector Unit). Oil and Natural Gas Corporation (ONGC) is without a regular chairman and managing director since April 2021 and the senior most director on the board has been entrusted with the additional charge. Since then, the firm has seen a record three interim heads. Sources said Singh became eligible f

ONGC Q2 profit tumbles 30% to Rs 12,826 crore on windfall tax woes

Profit fell 15.6 per cent over the preceding June quarter when it had reported a net of Rs 15,205.85 crore

ONGC Q2 profit tumbles 30% to Rs 12,826 crore on windfall tax woes

India's top oil and gas producer ONGC reported a 30 per cent fall in September quarter net profit after the government brought a new tax on windfall profits arising from a spurt in international energy prices. Net profit of Rs 12,825.99 crore, or Rs 10.20 a share, in July-September 2022-23 is compared with Rs 18,347.73 crore, or Rs 14.58 per share net profit in the same period a year ago, Oil and Natural Gas Corporation (ONGC) said in a statement. Profit fell 15.6 per cent over the preceding June quarter when it had reported Rs 15,205.85 crore net profit. Net profit fell despite the company's gross billing for crude oil it produced soaring 37.7 per cent to USD 95.49 per barrel in July-September from USD 69.36 a barrel a year back. State-owned ONGC sells crude oil, which is refined at refineries to produce petrol, diesel and other petroleum products, at international benchmark rates which soared following the Russian invasion of Ukraine. However, the government beginning July 1 bro

ONGC up 3%, hits 4-month high post Q2 nos; board okays 35% interim dividend

Current trend in global oil & gas prices augurs well for ONGC, according to analysts.