ONGC Share Price Live Updates: ONGC's stock performance yesterday
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India.com
7 hours ago
- India.com
Amid Russia Oil Row, India Says Its Energy Sector Is Rising Through Global Uncertainty
NEW DELHI: Petroleum and Natural Gas Minister Hardeep Singh Puri said on Sunday that India's energy sector is rising through global uncertainty with the reforms that have been rolled out in the oil and gas sector. "While the world faces fuel volatility, India is moving ahead with reforms. Oil refining capacity in the country has increased from 215 to 258 million metric tonnes per annum (MMTPA), and Jamnagar is now Asia's largest refinery, exporting petroleum products to 100+ countries," the minister said in a post on X. Highlighting the reforms in the upstream oil gas exploration and production segment, the minister said that the open acreage licensing policy (OALP) Round 10 has unlocked 2.5 lakh sq km for further exploration and production. The clearances required for exploration have also been reduced from 37 to 18 to facilitate the ease of doing business. "Prime Minister Narendra Modi's vision is driving India's energy security through resilience with over $1.3 billion having been invested in the upstream segment to increase oil exploration and production," he said. The minister has also recently highlighted in the Parliament that India is witnessing a renewed surge in oil and gas exploration with the opening of nearly one million square kilometres of erstwhile 'No-Go' offshore areas in 2022. Since 2015, Exploration and Production companies operating in India have reported 172 hydrocarbon discoveries, including 62 in offshore areas. Puri highlighted the geological significance of the AN basin, which lies at the junction of the Andaman and Nicobar Basins within the Bengal-Arakan sedimentary system. The tectonic setting, located at the boundary of the Indian and Burmese plates, has led to the formation of numerous stratigraphic traps that are conducive to hydrocarbon accumulation. This geological promise is further amplified by the basin's proximity to proven petroleum systems in Myanmar and North Sumatra. The region has attracted renewed global interest following significant gas discoveries in South Andaman offshore Indonesia, underlining the geological continuity across the region, the minister explained. In a significant development, ONGC and Oil India Ltd (OIL) have launched an ambitious exploration campaign in the Andaman ultra-deepwater region. For the first time, drilling operations are targeting depths of up to 5,000 metres. One such wildcat well, ANDW-7, drilled in a carbonate play in the East Andaman Back Arc region, has yielded encouraging geological insights. These include traces of light crude and condensate in cutting samples, heavy hydrocarbons like C-5 neo-pentane in trip gases, the minister further stated. These findings establish, for the first time, the existence of an active thermogenic petroleum system in the region, comparable to those in Myanmar and North Sumatra. While commercial reserves remain to be established, this campaign has validated the presence of a working petroleum system and laid the foundation for focused exploration in the area, the minister said. Providing an overview of the exploration outcomes so far, the Minister informed that ONGC has made hydrocarbon discoveries in 20 blocks, with an estimated reserve of 75 million metric tonnes of oil equivalent (MMTOE). Oil India Ltd., on its part, has made seven oil and gas discoveries over the past four years, with reserves estimated at 9.8 million barrels of oil and 2,706.3 million standard cubic meters of gas.
Time of India
14 hours ago
- Time of India
D-Street set for a stormy week? Tariffs, Q1 earnings, inflation data in focus— Analysts weigh in on likely stock market trajectory
Representative AI-image Stock markets are set for another potentially turbulent week in the wake of Us tariff impact, q1 earnings and inflation data expected this week. This week's trading would only span across days; Friday being an holiday on account of Independence Day. In the upcoming week, investors will be focusing on India's Consumer Price Index (CPI) and Wholesale Price Index (WPI) inflation data. Global developments, especially regarding US-India trade talks, will also be closely watched. The earnings season is nearing its end, but significant results from companies like Ashok Leyland, ONGC, IOC, Hindalco Industries, and BPCL are expected to prompt stock-specific movements. Analysts have also given their insights on what could drive the markets over the news four days. Ajit Mishra – SVP, Research, Religare Broking Ltd, was quoted by PTI saying, "This week, attention will turn to domestic CPI and WPI inflation data. Developments in the US–India trade relations will also remain in focus amid ongoing discussions over a trade agreement. The earnings season is nearing its end, with key results due from Ashok Leyland, ONGC, IOC, Hindalco Industries, BPCL and others, which could drive stock-specific action," Santosh Meena, Head of Research at Swastika Investmart, highlighted several key factors to monitor this week, including trade negotiations, macroeconomic data, earnings, and Foreign Institutional Investor (FII) flows. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 25 Simple Plant Hacks You'll Wish You'd Learned Sooner Learn More Undo He emphasized that any developments or statements from India and the US will significantly influence the market. Meena pointed out that India, the US, and China are set to release important economic data, with US inflation figures set to release on August 12, "India, the US, and China will release key numbers, with US inflation data (12th August) being especially crucial in the backdrop of higher tariffs. India's inflation numbers will also be released on the same day," he said. Although the Q1 earnings season is nearing its end, a few companies have yet to announce their results, which could lead to sector-specific movements. Foreign investors have withdrawn nearly Rs 18,000 crore from Indian equities this month, adding to market volatility. Siddhartha Khemka, Head of Research for Wealth Management at Motilal Oswal Financial Services Ltd, noted that as the market approaches the final phase of the Q1 earnings season, stock-specific movements are expected. ""Looking ahead, markets will enter the final leg of the Q1 earnings season, which is expected to drive stock-specific moves. Overall, we expect equities to remain in consolidation mode until there is clarity on the tariff front. In this volatile environment, investors may focus on domestic-oriented themes, while traders are advised to keep positions light," he said. Also read: Mcap of six of top 10 firms tumbles by Rs 1.36 lakh crore; Reliance takes biggest hit Past week's key notables The cautious sentiment in the market follows a sixth consecutive week of declines for benchmark indices, with both the Sensex and Nifty closing lower due to ongoing selling pressure and profit-taking, according to analysts. For the week ending Friday, the BSE Sensex fell by 1.01% to close at 79,857.79, while the NSE Nifty decreased by 1.20% to settle at 24,363.30. The market mood turned negative after US President Donald Trump announced a 50% tariff on Indian goods, a decision that unsettled investors, particularly affecting export-focused sectors. The Reserve Bank of India 's decision to maintain the policy repo rate at 5.50% with a neutral stance did little to boost sentiment. Stay informed with the latest business news, updates on bank holidays , public holidays , current gold rate and silver price .
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Business Standard
15 hours ago
- Business Standard
Trade moves, inflation data, FII flows likely to drive markets this week
Stock markets will be driven by inflation data, trade-related news, earnings and trading activity of foreign investors in a holiday-shortened week, analysts said on Sunday. Global market trends will also influence trading sentiment this week, they added. Equity markets would remain closed on Friday for Independence Day. "This week, attention will turn to domestic CPI and WPI inflation data. Developments in the USIndia trade relations will also remain in focus amid ongoing discussions over a trade agreement. The earnings season is nearing its end, with key results due from Ashok Leyland, ONGC, IOC, Hindalco Industries, BPCL and others, which could drive stock-specific action," Ajit Mishra SVP, Research, Religare Broking Ltd, said. Extending losing streak for the sixth consecutive week, the BSE benchmark dropped 742.12 points or 0.92 per cent, and the Nifty declined 202.05 points or 0.82 per cent. "Key factors to watch this week are trade negotiations, macroeconomic data, earnings and FII flows," Santosh Meena, Head of Research, Swastika Investmart, said. Any updates or posturing from India and the US will remain a primary market driver, he said. "India, the US, and China will release key numbers, with US inflation data (12th August) being especially crucial in the backdrop of higher tariffs. India's inflation numbers will also be released on the same day," Meena noted. The Q1 earnings season is nearly over, but a few companies are yet to announce results, potentially triggering sector-specific moves, he said. Foreign investors have pulled out nearly Rs 18,000 crore from Indian equities so far this month. "Looking ahead, markets will enter the final leg of the Q1 earnings season, which is expected to drive stock-specific moves. Overall, we expect equities to remain in consolidation mode until there is clarity on the tariff front. In this volatile environment, investors may focus on domestic-oriented themes, while traders are advised to keep positions light," Siddhartha Khemka - Head Of Research, Wealth Management, Motilal Oswal Financial Services Ltd, said.
