The government will this week sell up to 1.5 per cent of its stake in the country's top oil and gas producer ONGC to raise about Rs 3,000 crore. The Offer For Sale (OFS) by the government will be open on March 30 and 31, Oil and Natural Gas Corporation (ONGC) said in a stock exchange filing on Tuesday. "The promoter (the government) proposes to sell up to 94,352,094 equity shares of the company, (representing 0.75 per cent of the total paid-up equity share capital of the company) on March 30, 2022 (to non-retail investors) and on March 31, 2022 (to retail investors) with an option to additionally sell 94,352,094 equity shares (in case of oversubscription)," it said.
State-owned oil firms such as ONGC and IOC will invest over Rs 1.11 lakh crore in the next fiscal year starting April as they supplement the government's massive spending programme to spur economic growth. Oil and Natural Gas Corporation (ONGC), Indian Oil Corporation (IOC), GAIL (India) Ltd, Bharat Petroleum Corporation Ltd (BPCL), Hindustan Petroleum Corporation Ltd (HPCL) and Oil India Ltd (OIL) will together make a 7.4 per cent higher capital expenditure in the 2022-23 fiscal (FY23). The capex spending of Rs 1.11 lakh crore in 2022-23 compares with a revised estimate of Rs 1.04 lakh crore for the current fiscal year that ends in March, according to Union budget documents.
Trends in the global energy markets are crucial if India's growth outlook is to remain healthy. Prices for the Indian crude basket were averaging around $86.2 per barrel through Q1FY25 and then moderated to $84 in July and to $78-79 in August (so far). But global crude supply may outpace weak global demand in the short term.
The petroleum ministry has told ONGC to give away 60%stake plus operating control in India's largest oil and gas producing fields of Mumbai High and Bassein to foreign companies, according to an October 28 letter to the state-owned company. Amar Nath, additional secretary (exploration) in the Ministry of Petroleum and Natural Gas, wrote a 3-page letter to ONGC chairman and managing director Subhash Kumar, saying productivity of the Mumbai High and Bassein & Satellite (B&S) offshore assets under state-owned firm was low and international partners should be invited and given 60 per cent participating interest (PI) and operatorship. This is the second time since April that Nath, who is part of the ONGC management as the longest-serving government nominee director on its board and often considered a potential candidate to replace Kumar next year, has written an official letter, painting a poor picture of the company's performance.
Government headhunter PESB on Friday did not find anyone suitable from nine candidates, including two serving IAS officers, to head India's largest oil and gas producer, ONGC. The Public Enterprise Selection Board (PESB) interviewed 9 out of the 10 candidates who had applied for the post of chairman and managing director of Oil and Natural Gas Corporation (ONGC). "Keeping in view the strategic importance and vision for the company and its future, the Board did not recommend any candidate and decided to constitute a Search Committee," PESB said in a notice after interviews. Those interviewed included senior bureaucrats Avinash Joshi and Niraj Verma.
There was no confirmation from the district administration of reports that the fire was apparently caused by a rupture in the 36-inch Uran-Mumbai gas pipeline.
The 30-share bluechip index is rebalanced on a semi-annual basis with next rejig slated for June 18.
A senior police officer said bomb disposal squads have been rushed to all the places mentioned by ULFA-I but there is no report of recovery of any bomb or explosive.
'These are capex and infrastructure-linked sectors, PSUs or stocks of some corporate houses.'
The last batch of quarterly earnings, global trends and trading activity of foreign investors will guide the equity market movement in a holiday-shortened week ahead, analysts said. Volatility may continue amid investors' cautious approach in the election season. Markets will remain closed on Monday due to the fifth phase of the Lok Sabha elections in Mumbai.
Saikia, kidnapped on April 21, was released near the border in Longwa village of Mon district in Nagaland after 31 days, said a top official at Assam Police headquarters.
While most analysts are expecting poor results from oil marketing companies (OMCs) in the first quarter of 2024-25 (Q1FY25) and even in the first half (H1) of FY25, GAIL (India) could be an outlier. Upstream producers, Oil and Natural Gas Corporation (ONGC) and Oil India (OIL) could do well due to strong crude and gas prices, but refiners are likely to see weak margins and the impact of frozen prices during the election period will also be negative.
Escalation of the conflict in West Asia between Israel and Iran has had a direct impact on the energy markets, and more broadly on the financial markets as well as the global economy.
'Those betting against PSUs will likely be punished in this upswing.'
The post-Covid pandemic boom in corporate revenues appeared to have faded away in 2023-24. Yet, companies have reported a sharp recovery in their profits in FY24, driven by high margins. Their combined net sales, including gross interest income for lenders, rose by a modest 4.8 per cent year-on-year (Y-o-Y) in FY24.
Most brokerages are betting that the new government will shift to a policy focussing on boosting rural incomes and consumption since that has clearly been a pain point.
The blaze erupted around 7 am in the gas processing plant of the ONGC located in Uran area of neighbouring Navi Mumbai, an official said.
The Delhi high court (HC) division Bench on Thursday sought a response from Reliance Industries (RIL) and others regarding the government's appeal against the Mukesh Ambani-owned conglomerate and others for fraudulently and unjustly enriching themselves by draining gas from their deposits, amounting to over $1.5 billion. The Centre had appealed against the single-judge Bench order of the Delhi HC on May 9, which had dismissed its petition. Justice Anup Jairam Bhambhani had upheld the international arbitration award of July 24, 2018, in favour of the RIL-led consortium. The consortium includes UK-based BP Plc and Niko Resources of Canada.
India on Monday lost the ONGC Videsh Ltd-discovered Farzad-B gas field in the Persian Gulf after Iran awarded a contract for developing the giant gas field to a local company. "The National Iranian Oil Company (NIOC) has signed a contract worth $1.78 billion with Petropars Group for the development of Farzad B Gas Field in the Persian Gulf," the Iranian oil ministry's official news service Shana reported. "The deal was signed on Monday, May 17, in a ceremony held in the presence of Iranian Minister of Petroleum Bijan Zangeneh in Tehran." The field holds 23 trillion cubic feet of in-place gas reserves, of which about 60 per cent is recoverable.
Mumbai Indians skipper Hardik Pandya has made his much awaited return to the field of cricket as he leads the Reliance 1 side in the DY Patil T20 tournament.
The top 100 companies have accounted for 63% of the gains (Rs 51 trillion out of Rs 81 trillion), while firms beyond the top 100 have contributed 37 per cent (Rs 30 trillion).
President Droupadi Murmu conferred 26 Shaurya Chakras (seven posthumous) to personnel of the armed forces, Central Armed Police Forces and state/Union Territory Police during a defence investiture ceremony.
BPCL and ONGC raised $4.9 billion in 2016-17 against $1.65 billion raised by Reliance
"We are not going to tax ONGC's subsidy part," a top income tax department official said in Dehra Dun on November 17. The move follows ONGC's appeal to the department that it should not be taxed on the subsidy. ONGC, which pays its tax in Dehra Dun where its headquarters are located, said in its plea that subsidy discounts reflect heavily on the company's revenue, reducing the corporate tax paid.
Operating margins have been the primary driver of corporate earnings in India in recent quarters, despite revenue growth suffering from weak consumer demand. Companies across sectors have reported a sharp improvement in earnings before interest, tax, depreciation, and amortisation (Ebitda) margins over the past two years, benefiting from lower commodity and energy prices. Higher margins more than compensated for slower revenue growth, resulting in double-digit growth in net profit for five consecutive quarters.
74 of these fatalities were reported by 8 companies: Coal India (21), L&T (14), Vedanta (13, of which Hindustan Zinc reported 7), Tata Steel (7), Power Grid Corporation of India (7), JSW Steel (6), and ONGC (6).
World Championships bronze medallist B Sai Praneeth on Monday announced his retirement from international badminton, bringing down curtains on a successful career during which he won the Singapore Open and also represented India at the Tokyo Olympics.
These 7 blocks are adding exploration acreage of 18,510 square kilometres spread over three sedimentary basins of India and have a resource potential of approximately 33 billion barrels of oil and oil equivalent gas.
The government will now examine the report and decide on how and to what extend should ONGC be compensated for its gas being produced by RIL.
A company official said work stopped temporarily only at two rigs and the remaining 34 in the offshore were operational. He added there was no impact on the company's production.
Government headhunters Public Enterprise Selection Board selected Srinivasan after interviewing 11 candidates at its office in New Delhi on Tuesday.
State-owned energy major ONGC on Thursday reclaimed the status of the country's most-valued company, pushing IT giant TCS to second slot.
According to experts, major stocks are in the process of correcting to their support levels ahead of the Union Budget.
Dispute resolution provisions in the production sharing contract remained unimplemented, while the regulator faltered, points out Jyoti Mukul.
The Directorate General of Hydrocarbons Chief V K Sibal, whose appointment on the ONGC board has triggered a controversy, on Monday said ONGC chairman Subir Raha's non-acceptance of his appointment amounted to "gross indiscipline."
A comparative analysis of the two companies' rankings on three parameters reveals why ONGC slipped in ranking
The Delhi high court has rejected a government challenge to an arbitration panel award that had ruled in favour of Reliance Industries Ltd in a dispute over gas migration from fields operated by state-owned ONGC in the KG basin. The government had slapped a provisional penalty of $1.55 billion on Reliance for "unjust enrichment" from gas migrating from the ONGC-operated KG-D5 block to the private firm's adjoining KG-D6 area. It had sought $175 million in additional profit petroleum from Reliance and its UK partner BP Plc.
Oil and Natural Gas Corporation (ONGC) on Monday said it has received 10,722 emission reduction certificates from the United Nations for a waste heat recovery project at its Mumbai High fields.
ONGC Videsh Ltd, the overseas arm of state-owned Oil and Natural Gas Corp (ONGC), has emerged as the Indian company having the most international exposure for the second consecutive year, says a survey.
'An even bigger salute to all the rescue workers and all the agencies that worked tirelessly to rescue our 41 workers trapped in the Utarkashi Silkyara tunnel. Jai Hind!''
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