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1. Extension of exercise period for conversion of Share Warrants – I of Rs 1,922 crore (paid-up value ₹1,873.95 crore) issued by ONGC Petro additions (OPaL) up to six (06) months from its conversion date of 24 August 2024.
There is no charge to be paid by the Company for the said extension of exercise period.
2. Extension of back stopping support for Compulsory Convertible Debentures (CCDs) - III of Rs 492 crore issued by OPaL upto six (06) months from its mandatory put option on 28 August 2024.
Oil and Natural Gas Corporation (ONGC) said that it has commenced its production from 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.
The company stated that the initial production from the Jharkhand-based block would be 1,70,000 standard cubic metres per day (SCMD). It expects to ramp up production from this block to 3,00,000 SCMD by end of the current financial year.
Maharatna Oil and Natural Gas Corporation (ONGC) is the largest crude oil and natural gas company in India, contributing around 71% to Indian domestic production. It has in-house service capabilities in all areas of exploration and production of oil & gas and related oil-field services. The Government of India held 58.89% stake in ONGC as of March 2023.
The state-owned oil & exploration company reported standalone net profit of Rs 9,869.37 crore steeply higher than Rs 527.86 crore recorded in Q4 FY23. Revenue from operations slipped 4.56% year on year to Rs 34,636.69 crore during the quarter.
The scrip shed 0.08% to currently trade at Rs 322.15 on the BSE.
Oil & Natural Gas Corpn Ltd is up for a fifth straight session today. The stock is quoting at Rs 323.85, up 0.42% on the day as on 12:44 IST on the NSE. The benchmark NIFTY is up around 0.24% on the day, quoting at 24646.3. The Sensex is at 80861.71, up 0.24%. Oil & Natural Gas Corpn Ltd has gained around 17.42% in last one month.
Meanwhile, Nifty Energy index of which Oil & Natural Gas Corpn Ltd is a constituent, has gained around 5.12% in last one month and is currently quoting at 43303, up 0.27% on the day. The volume in the stock stood at 273.77 lakh shares today, compared to the daily average of 222.14 lakh shares in last one month.
The benchmark July futures contract for the stock is quoting at Rs 324.25, up 0.29% on the day. Oil & Natural Gas Corpn Ltd is up 94.62% in last one year as compared to a 25.04% jump in NIFTY and a 70.14% jump in the Nifty Energy index.
The PE of the stock is 10.01 based on TTM earnings ending March 24.