Oil India Ltd Share Price – NSE  /  BSE

Crude Oil & Natural Gas, Mid Cap

The key benchmark indices traded with minor gains in early trade. The Nifty traded above the 24,500 level. Auto, FMCG and banking shares advanced while metal, consumer durables and IT shares declined.

At 09:30 IST, the barometer index, the S&P BSE Sensex, was up 96.20 points or 0.12% to 80,598.28. The Nifty 50 index rose 18.85 points or 0.08% to 24,528.10.

In the broader market, the S&P BSE Mid-Cap index shed 0.07% and the S&P BSE Small-Cap index added 0.12%.

The market breadth was positive. On the BSE, 1,567 shares rose and 1,329 shares fell. A total of 115 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 3,444.06 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 1,652.34 crore in the Indian equity market on 22 July 2024, provisional data showed

Finance Minister Nirmala Sitharaman will present the Union Budget for 2024-25 in the Lok Sabha today, 23 July 2024. This highly anticipated Union Budget 2024 will serve as a pivotal economic roadmap for the Modi 3.0 government, aiming to propel India towards becoming a developed nation, 'Viksit Bharat', by 2047. The pre-Budget Economic Survey, presented by Sitharaman in Lok Sabha on Monday, has outlined a conservative growth forecast of 6.5% to 7% for the current fiscal year.

Stocks in Spotlight:

Oil India added 2.20% after the company informed that it has signed a contract with Dolphin Drilling, Norway for the hiring of the ‘Anchor Moored Semi-Submersible Drilling Unit Blackford Dolphin’ on 22 July 2024.

Zensar Technologies fell 2.93%. The compnay’s consolidated net profit declined 8.9% to Rs 158 crore in Q1 FY25 as compared with Rs 173 crore in Q4 FY24. Revenue increased 4.7% QoQ to Rs 1,288 crore in Q1 FY25.

Numbers to Track:

The yield on India's 10-year benchmark federal paper was down 0.04% to 6.964 as compared with previous close 6.967.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 83.6375, compared with its close of 83.6675 during the previous trading session.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.09% to 104.22.

The United States 10-year bond yield fell 0.42% to 4.243.

In the commodities market, Brent crude for September 2024 settlement rose 2 cent or 0.02% to $82.42 a barrel.

Global Markets:

Asian markets traded mixed on Tuesday. Investors will watch out for Singapore’s inflation data for June.

On Tuesday, Wall Street rally fueled by strong earnings reports from major tech companies. Taiwan's market, led by semiconductor stocks, snapped a five-day losing streak.

This surge follows gains on Monday in the US, where the S&P 500 rose over 1% and the tech-heavy Nasdaq jumped 1.6%. Both indexes were recovering from their worst weekly performance since April. Investors seemed unfazed by the news of President Biden exiting the presidential race, instead focusing on upcoming earnings reports from tech giants Tesla and Alphabet. Both companies' stocks saw significant gains on Monday.

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Dolphin Drilling is a leading drilling contractor for the offshore oil & gas industry.

“The Blackford Dolphin will be deployed for drilling in Andaman Offshore Blocks to undertake exploration activities in the block,” the company stated in the filing.

Oil India is a state-owned Maharatna under the administrative control of India's Ministry of Petroleum and Natural Gas. As of 31 March 2024, the Government of India held 56.66% stake in the company.

The petroleum business company reported 13.45% increase in standalone net profit to Rs 2,028.83 crore on 2.46% rise in revenue from operations to Rs 5,527.3 crore in Q4 FY24 over Q4 FY23.

The scrip slipped 2.86% to close at Rs 555 on Monday, 22 July 2024.

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Oil India signed a contract with Dolphin Drilling, Norway, a leading drilling contractor for the offshore oil & gas industry, for the hiring of the ‘Anchor Moored Semi-Submersible Drilling Unit Blackford Dolphin' on 22 July 2024.

The contract was signed by the CEO of Dolphin Drilling and the General Manager (C&P) of OIL in presence of the Chairman & Managing Director of OIL along with Functional Directors and senior officials of OIL and Dolphin Drilling. The Blackford Dolphin will be deployed for drilling in Andaman Offshore Blocks to undertake exploration activities in the block.

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Oil India has allotted 54,22,02,597 equity shares of Rs.10/- each as fully paid-up bonus equity shares on 04 July 2024 in the proportion of 1:2 i.e. 1 (One) bonus equity share of Rs.10 each for every 2 (Two) existing equity shares of Rs.10/- each held, to the eligible Members whose names appear in the register of members / list of beneficial owners as on 02 July 2024.

Post allotment, the paid up equity share capital has increased to 1,62,66,07,791 equity shares of Rs.10 each amounting to Rs 1626.60 crore.

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