Market News

MRPL shares jump 9% as ONGC approves strategic oil reserve in Mangaluru

ONGC has approved an expansion of the country's strategic oil reserves, highlighting a push to strengthen energy resilience following the shock of the Iran war.

MRPL Shares Jump 6% After ONGC Announces 1.75 MT Strategic Oil Reserve In Mangaluru

The proposed strategic petroleum reserve has put the ONGC subsidiary in focus as investors assess its role in India's energy security plans.

ONGC to undertake 1.75 MMT strategic oil reserve expansion at Mangaluru

ONGC approved a 1.75 MMT strategic petroleum reserve expansion at Mangaluru. This project will add significant storage capacity to India's energy security network. India is strengthening its reserves after recent global supply chain disruptions. Additional SPR facilities are also being developed in Odisha and Karnataka. This increases India's total oil storage capacity to approximately seventy-four days.

ONGC Share Price Live Updates: ONGC's Current Market Price

Govt seeks proposals for coal gasification projects under Rs 37,500-cr incentive scheme

The incentive, launched in May this year, is aimed at promoting surface coal/lignite gasification for the production of syngas and downstream value-added products such as synthetic natural gas (SNG), urea, ammonium nitrate, methanol, DME and other chemicals, thereby enhancing the country's energy security, reducing import dependence, and facilitating utilisation of domestic coal and lignite resources.

OMCs, gas utilities remain top picks despite fresh oil price volatility: ICICI Securities

Probal Sen, Senior Research Analyst-Indian Oil & Gas Sector, Indian Agrichem Sector, Institutional Equities at ICICI Securities discusses India's energy outlook, LPG supply risks, ONGC and Oil India, while Trading.com's Peter McGuire shares his view on crude prices amid escalating West Asia tensions.

Bullish futures positioning hints at upside in large-cap stocks

Indian stock markets are seeing pockets of strength, particularly in mid- and small-cap segments, with optimism now extending to select large-cap stocks. Analysts highlight several stocks showing bullish futures build-up and positive technical indicators. IndusInd Bank, Nalco, Shree Cement, HDFC AMC, Adani Energy Solutions, Nestlé India, and ONGC are identified as potential gainers, with specific entry points, targets, and stop-losses provided for traders.

Vedanta Oil & Gas Q1 output falls 17% as production declines across key fields

Vedanta Oil & Gas reported a 17% year-on-year decline in average daily production for the June quarter, with output falling across its Rajasthan, Ravva, Cambay and OALP assets. The company said it is stepping up drilling and enhanced oil recovery projects to help reverse the production decline.

BPCL raises stake in Brazil's IBV to 100% with ₹2,312 crore deal

BPCL has acquired the remaining 39.14% stake in Brazil's IBV for ₹2,312 crore, taking full ownership of the oil and gas company as it looks to strengthen India's energy security.

BPCL agrees to buy Videocon Energy’s stake in BPRL Ventures JV

State-owned Bharat Petroleum Corporation Ltd (BPCL) is set to gain full control of its Brazil-based oil and gas joint venture. Through its subsidiary BPRL Ventures BV, BPCL has signed agreements to acquire the remaining stake in IBV Brazil Petroleo Limitada. This move, approved by the National Company Law Tribunal as part of insolvency proceedings, aims to bolster India's energy security by expanding its overseas upstream assets.

Ukrainian drone attacks on oil refineries plunge Russia into a summer fuel crisis

Ukrainian drone strikes on Russian oil refineries are causing widespread fuel shortages and long queues at gas stations across Russia. This unprecedented crisis, impacting ordinary citizens and businesses, has led to rationing in many regions. President Putin acknowledged the issues, calling them temporary, but motorists report a stark contrast between official statements and reality. The attacks are disrupting Russia's energy production and impacting its economy.

India plans to add strategic fuel reserves after Iran war shock

India is bolstering its energy security by planning strategic reserves of crude oil, LPG, and LNG to cover up to a month's demand, aiming to prevent supply disruptions like those seen during the Persian Gulf crisis. This ambitious move follows a review of existing, limited stockpiles and includes expanding underground crude storage and addressing the challenges of storing gas.