Oil India Ltd. To Invest Rs 1738 Cr In JV Company Assam Gas Company Ltd, Stock Jumps

The shares of Oil India Ltd. (OIL) on Tuesday surges after the Board of Directors of the company in its meeting held on Monday, Sept 04, 2023, approves Rs 1,738 Cr equity contribution in the Joint Venture Company (JVC) with Assam Gas Company Limited (AGCL), a North East Gas Distribution Company.

"the Board of Directors of the Company at its meeting held today i.e. on Monday, 04th September, 2023, has accorded its approval for equity contribution of upto Rs. 1738 Crore by Oil lndia Limited (OlL) in line with OIL's shareholding percentage [49%) in the Joint Venture Company (JVC) with Assam Gas Company Limited (AGCL) [51%] viz. 'North East Gas Distribution Company Limited (NEGDCL)' [a State Govt. Company], incorporated for executing the City Gas Distribution (CGD) projects," the Board said in a statement.

Share of OIL is trading at Rs 285.25 per share on the BSE, up 2.79% from its previous close of Rs 277.50 per share. Today, it opened at Rs 284.85 per share on the BSE. Its 52-week high is Rs 296.95 per share and its 52-week low is Rs 168.30 per share.

The stock has gained 2.43% in the past 1 week. In 1 and 3 months, it gained 3.86% and 11.87%, respectively. It gained 46.97% in the past 1 year, 200.79% in the past 3 years, and 38.21% in the past 5 years, respectively.

Oil India Limited (OIL) is a fully integrated Exploration and production company in the upstream sector. A Maharatna Company, OIL is a state-owned enterprise of the Government of India, under the administrative control of the Ministry of Petroleum and Natural Gas, and is the second-largest national oil and gas company in India. It is a midcap Oils & Gas Sector company with a market cap of Rs 30,932.66 Crore.