BUSINESS

Oil India Hits 52-Week High

Oil India hit a 52-week high while Oil and Natural Gas Corporation (ONGC) was up 3 per cent on a healthy outlook.

On Thursday, the market price of Oil India rose to Rs 198.70 as the stock rallied 5 per cent on the BSE. In the past month, the stock has jumped 15 per cent compared to a 7 per cent rise in the S&P BSE Sensex. Meanwhile, ONGC was up 3.5 per cent at Rs 123.10, trading close to its 52-week high level of Rs 128.45 touched on June 15, 2021. In comparison, the S&P BSE Sensex was down 0.12 per cent at 58,180 points at 10:09 am.

On Wednesday, after market hours, ONGC informed that rating agency ICRA had assigned ‘AAA’ credit rating for non-convertible debentures (NCDs) of the company for Rs 7,500 crore while reaffirming long-term ratings short-term facilities.

The rating reaffirmation takes into account the dominant market position of ONGC in the domestic crude oil and natural gas production business with significant proven reserves, globally competitive cost structure, stable performance of its subsidiaries and its healthy financial position.

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