 "ONGC hits 52-week high on commencing production of Coal Bed Methane block")
ONGC in focus: Shares of ONGC soared as much as 2.45 per cent to hit a fresh 52-week high of Rs 330.30 per share.
The uptick in stock price came after the company announced that it has commenced production from Coal Bed Methane Block (CBM) in Bokaro, Jharkhand.
In an exchange filing, ONGC said, “It is hereby informed that the Company has commenced its production from the Coal Bed Methane (CBM) block in Bokaro, Jharkhand.”
CBM is an unconventional source of natural gas and an alternative source for augmenting India’s energy resource.
“It’s a humble beginning and initial production of 1,70,000 SCMD and expected to ramp up to 3,00,000 SCMD by end of the current Financial Year,” the company said in a statement.
Q4FY24 performance
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The state-owned oil and gas exploration major reported a slight rise in revenue from operations for Q4FY24 at Rs 1.66 trillion, compared to Rs 1.64 trillion recorded in Q4FY23.
For the full FY24, ONGC recorded the highest ever consolidated net profit of Rs 57,101 crore, according to the company.
ONGC, the Oil and Natural Gas Corporation, is an Indian multinational company headquartered in New Delhi, under the Ministry of Petroleum and Natural Gas.
Established on August 14, 1956, it focuses on exploring and extracting hydrocarbons across 26 sedimentary basins in India.
ONGC manages a network of over 11,000 kilometres of pipelines and operates 210 drilling and workover rigs.
Internationally, its subsidiary ONGC Videsh operates in 15 countries.
ONGC's product range includes Natural Gas, Crude Oil, Motor Spirit, Kerosene, Aromatic Rich Naphtha, and LPG.
Known for its achievements in discovering major Indian basins and maintaining production in mature fields like Mumbai High, ONGC employs advanced IOR and EOR techniques, achieving recovery factors of 25-33 per cent.
The market capitalisation of ONGC is Rs 4,14,394.40 crore, and falls under BSE 100 category.
The 52-week low of the stock is Rs 165.95 per share.
At 9:44 AM, shares of ONGC were trading 2.14 per cent higher at Rs 329.30 per share. By comparison, BSE Sensex was trading 0.26 per cent higher at 80,510.37 levels.