ONGC Shares hit All time High

16 Jul 2024 , 01:47 PM

Oil and Natural Gas Corporation (ONGC) reached a milestone on Tuesday, when its share price surpassed ₹323 with an intraday rise of 5.18%.

This achievement increased ONGC’s market capitalization to ₹4.06 lakh crore, the biggest in its history.

The rise in share prices reflects ONGC’s strong financial health and strategic orientation.

Hardeep Singh Puri, Union Minister for Petroleum and Natural Gas, celebrated the feat on the social media platform X (previously Twitter).

He wrote, “Congratulations to #ONGC on this significant achievement. The jump in share prices, which is the greatest in ONGC’s history, is consistent with the success of other Oil and Gas PSUs. Prime Minister Narendra Modiji’s direction, leadership, and prompt judgements have converted our public sector enterprises into confident and professional global energy leaders! @ONGC_ #EnergyNow&Next”

Earlier ONGC posted on X. “ONGC shatters records! On July 15, 2024, our share price surpassed ₹323 with a 5.18% intraday gain, bringing our market capitalization to ₹4.06 lakh crore–the largest in ONGC’s history!”

The record-breaking performance of ONGC’s shares mirrors a larger trend in the oil and gas sector, where public sector undertakings (PSUs) are making enormous gains.

The Indian government, led by Prime Minister Narendra Modi, has adopted a number of reforms to boost the oil and gas sector.

These approaches have included streamlining regulatory frameworks, improving production capacity, and encouraging greater openness and efficiency within public-sector units.

The government’s emphasis on energy security and self-reliance has also been essential in generating growth and profitability for enterprises such as ONGC.

ONGC, India’s largest oil and gas exploration and production business, has continually exhibited endurance and adaptation in a changing market.

The company’s investments in technology, infrastructure, and sustainable practices have established it as a major participant in the global energy market.

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