Latest news with #ONGC
India Gazette
6 hours ago
- Business
- India Gazette
Uttarakhand CM Dhami credits PM Modi for boosting research, global ties in energy sector
Dehradun (Uttarakhand) [India], June 28 (ANI): Uttarakhand Chief Minister Pushkar Singh Dhami on Saturday highlighted the state's progress in the energy sector, particularly in natural gas and oil, under the leadership of Prime Minister Narendra Modi. Speaking after the 'All India Oil Sector Meet', Dhami emphasised the importance of coordination between the economy, ecology, and technology to become a global power in this field. The event, attended by experts from across the country, provides a platform for discussing challenges, opportunities, and future directions in the oil and gas sector. Dhami mentioned that several research projects and partnerships with countries around the world are being conducted in the field of natural gas, showcasing the state's commitment to innovation and collaboration. Dhami said, 'After Prime Minister Modi became the Prime Minister, several research works and partnerships with countries around the world are being conducted in the field of natural gas and ONGC.' Lauding PM Modi's leadership for advancing India's presence in the natural gas domain, he added, 'Good work is happening in this sector. The 'All India Oil Sector Meet' has been organised here, with people from across the country participating... By establishing better coordination between economy, ecology, and technology, we will become a global power in this field as well.' Meanwhile, Uttarakhand has initiated measuring Gross Environmental Product (GEP) to prioritise environmental protection and promote sustainable development. Dhami has inaugurated projects worth Rs 190 crore in Dehradun, including an electric vehicle charging station and an automated parking system, to enhance urban infrastructure and promote eco-friendly initiatives. The state government is working on various energy projects, including pump storage projects and wind-solar hybrid projects, to boost renewable energy capacity. Earlier, CM Dhami paid tribute to former Prime Minister PV Narasimha Rao on the eve of his birth anniversary on Saturday. In a post on X, BJP leader Pushkar Singh Dhami praised Rao's visionary leadership, which played a crucial role in shaping India's economic landscape through historic steps towards economic liberalisation.' Heartfelt tributes on the birth anniversary of former Prime Minister, the late P.V. Narasimha Rao Ji. Under your visionary leadership, India took historic steps toward economic liberalisation. Your contributions to the field of national development continue to inspire us all.' CM Dhami said. Former Prime Minister PV Narasimha Rao was posthumously conferred with the country's highest civilian honour, Bharat Ratna, by President Droupadi Murmu on March 30, 2024. Born on June 28, 1921, in Karimnagar, Telangana, as an agriculturist and an advocate, Narasimha Rao entered politics and held several important portfolios. He served as the Minister of Law and Information (1962-64), Law and Endowments (1964-67), Health and Medicine (1967), and Education (1968-71) in the Government of Andhra Pradesh. Rao, the ninth Prime Minister of India, assumed office in June 1991 and stayed in power till May 1996. He is credited with bringing many economic reforms to the country, particularly for dismantling the License Raj. Rao took over the post of Home Minister on July 19, 1984, and was re-appointed to this post, with the additional charge of the Ministry of Planning, on November 5, 1984. He was appointed as the Minister of Defence from December 31, 1984, to September 25, 1985. On September 25, 1985, he assumed the role of Minister of Human Resource Development. He was the Chief Minister of Andhra Pradesh from 1971 to 1973 and General Secretary of the All India Congress Committee from 1975 to 1976. (ANI)
Business Upturn
10 hours ago
- Business
- Business Upturn
Nifty 50 top losers this week (June 28): ONGC, Dr. Reddy's, Tech Mahindra, Maruti Suzuki India and more
By Aman Shukla Published on June 28, 2025, 09:32 IST Indian stock markets wrapped up the week on a strong note, with benchmark indices extending their gains for the second consecutive week. Both the Sensex and Nifty 50 advanced over 2%, supported by broad-based buying across sectors. A major milestone came from the Nifty Bank index, which closed above the 57,400 mark for the first time. However, not all stocks participated in the rally. Several major stocks underperformed this week, with ONGC, Dr. Reddy's and Tech Mahindra leading the losses. Let's take a closer look at the top 10 losers of the Nifty 50 this week, according to Trendlyne. Nifty 50 Top Losers This Week Oil and Natural Gas Corporation (ONGC) closed at ₹242.8, down 3.6% for the week. Dr. Reddy's Laboratories ended the week at ₹1301.0, registering a 1.8% drop. Tech Mahindra declined 1.3% , closing at ₹1674.4. Maruti Suzuki India slipped 1.2% during the week to ₹12,642.0. HCL Technologies ended the week lower by 1.0% , closing at ₹1723.3. Infosys closed at ₹1608.0, posting a 0.9% weekly decline. Wipro slipped 0.6% this week to close at ₹265.1. Hero MotoCorp saw a minor weekly dip of 0.4%, ending at ₹4320.3. Disclaimer: The information provided is for informational purposes only and should not be considered financial or investment advice. Stock market investments are subject to market risks. Always conduct your own research or consult a financial advisor before making investment decisions. Author or Business Upturn is not liable for any losses arising from the use of this information. Ahmedabad Plane Crash Dr Reddy'sMaruti Suzuki IndiaNiftyONGCTech Mahindra Aman Shukla is a post-graduate in mass communication . A media enthusiast who has a strong hold on communication ,content writing and copy writing. Aman is currently working as journalist at
Mint
14 hours ago
- Business
- Mint
Four oil-related stocks to keep on your watchlist
Oil prices surged recently amid renewed geopolitical tensions between Israel and Iran, bringing the spotlight back on the energy sector. The global oil and gas industry is projected to exceed $9.8 trillion in value by 2029, driven by exploration, digital adoption, and cleaner tech. A few companies act as the backbone of the oil extraction process and stand to benefit from the sector's growth. They provide high-tech tools, drilling rigs, maintenance services, seismic surveys, and engineering expertise required to discover and produce oil and gas safely and efficiently. In short, while oil companies get the headlines, these companies do the heavy lifting, making energy extraction possible, efficient, and increasingly sustainable. This article explores four such oil equipment and services companies that hold a promising future, and have strong fundamentals and sound financials. Have a look: #1 Jindal Drilling & Industries Ltd (JDIL) Jindal Drilling & Industries Limited (JDIL) is part of the D.P. Jindal Group Drilling Division. It is a leading company among Indian private sector companies in offshore drilling, including directional drilling and mud logging, with operations since 1989. The company operates five oil rigs, all of which are deployed with ONGC. It's expecting full revenue contribution from its newly acquired rig Jindal Pioneer from Q1 FY26. Its clients include ONGC, GAIL, Oil India Ltd, Essar, Alliance, etc. The company's order book as on 31 March 2025 is ₹1,791 crore. Jindal Drilling & Industries' share price has increased 3.6% over the past one year, while in the last six months it has decreased 12.6%. The company's revenue has grown at a CAGR of 24.4% in the last five years, while its net profit has grown at a CAGR of 5%. The five-year average return on equity (RoE) is 3.7%, and return on capital employed (RoCE) is 5.9%. For FY25, the company reported revenue of ₹884 crore (up 37%), net profit of ₹141 crore (up 24%), with an Ebitda margin of 29%, and a net margin of 17%. #2 Asian Energy Services Ltd Asian Energy Services Ltd is an oilfield service and reservoir imaging company. It offers a suite of geophysical services specialising in land and well seismic services, and operation and maintenance services for oilfields. It's one of the few companies providing end-to-end services in the upstream oil segment. The 100% acquisition of Kuiper Group (UAE-based, owned by Gulf Capital PE) by the company is a milestone in its expansion across energy markets in the West Asia and Southeast Asia. The company's order book as on 31 March 2025 is ₹973 crore. Asian Energy Services' share price has increased 3.7% over the past one year, while in the last six months, it has decreased 19.1%. The company's FY26 revenue growth guidance is more than 40-50% YoY, and net profit guidance is 66-78% YoY, excluding the Kuiper Group. The company's revenue has grown at a CAGR of 24.4% in the last five years, while its net profit has grown at a CAGR of 5%. The five-year average return on equity (RoE) is 3.7%, and return on capital employed (RoCE) is 5.9%. For FY25, the company reported revenue of ₹465 crore (up 52%), PAT of ₹42 crore (up by 65%), with an Ebitda margin of 15.5%, and a PAT margin of 9.1%. #3 PTC Industries Ltd PTC Industries manufactures metal components for critical and supercritical applications for industries like defence, oil & gas, liquefied natural gas (LNG), ships & marine etc. It manufactures stainless steel, duplex, super duplex, nickel, cobalt alloys, non-alloy steel castings solutions, machined components, and fabricated parts catering to the oil & gas industry. The company's PowderForge technology complements the traditional casting by offering bi-metal solutions for extreme working environments. The company also supplies cryogenic valve components to leading LNG/LPG valve manufacturers. PTC Industries' share price has increased 6.2% over the past one year, while in the last six months it has increased 17%. The company's revenue has grown at a CAGR of 11.2% in the last five years, while its net profit has grown at a CAGR of 31.1%. The five-year average return on equity (RoE) is 6.7%, and return on capital employed (RoCE) is 11.4%. For FY25, the company reported total income of ₹342 crore (up 26.6%), PAT of ₹61 crore (up 44.5%), with an Ebitda margin of 32%, and a PAT margin of 17.8%. #4 Jindal Saw Ltd (JSAW) Jindal Saw is the market leader, capacity-wise, in the manufacturing of large diameter submerged arc welded (SAW) pipes. The company is a global leader in the coated and bare pipe industry, and the world's third-largest producer of rust-free iron pipes. The SAW pipes (line pipes) division of the company is mainly used in the transportation of oil, gas, slurry, and water. In addition, Jindal SAW provides relevant, value-added services by way of anti-corrosion coatings, connector casings, hot pulled induction bends, etc, thus becoming a 'Total Pipe Solutions' company. The company's exposure to the oil and gas sector accounts for approximately one-fourth of its total revenue. JSAW has government and private sector clients anda strong domestic and international presence. As of FY25, the company has a standalone order book of $1.328 billion for iron & steel pipes and pellets. Jindal Saw's share price has reduced 15.3% over the past one year, and in the last six months it has reduced by 20.9%. Coming to the financials, the company's revenue has grown at a CAGR of 12.4% in the last five years, while its net profit has grown at a CAGR of 25.9%. The five-year average return on equity (RoE) is 8.8%, and return on capital employed (RoCE) is 16.7%. For FY25, the company reported total income of ₹20,948 crore (down 1%), PAT of ₹1,458 crore (down 8%), with an Ebitda margin of 16.9%, and a PAT margin of 6.9%. Conclusion In this article, we explored some of the oil field equipment and services providing companies, their role in the oil sector, and their financial performance. But there are many more companies in this space yet to be discovered. It's crucial to find quality companies with sustainable earnings, consistent growth, and sound financials. Keeping an eye on these companies could offer an investment opportunity and portfolio diversification to investors. Investors should evaluate the company's fundamentals, corporate governance, and valuations of the stock as key factors when conducting due diligence before making an investment decision. Happy Investing. Disclaimer: This article is for information purposes only. It is not a stock recommendation and should not be treated as such. This article is syndicated from
Time of India
18 hours ago
- Business
- Time of India
ONGC finally caps blowout in Sivasagar after on 15 days of toil
Dibrugarh: Working tirelessly for 15 days, the Oil and Natural Gas Corporation (ONGC) on Friday finally managed to cap the blowout at their Rudrasagar gas well (RDS-147 A) in Sivasagar, bringing much-awaited relief to the affected region. Tired of too many ads? go ad free now At dawn, ONGC's Crisis Management Team (CMT), alongside specialists from US-based Cudd Well Control, and local crew, began removal of the damaged Blowout Preventer (BOP) from the wellhead. Once the BOP was safely extracted, a pre-positioned capping stack was meticulously lowered onto the wellhead, redirecting the gas flow securely. By 11.15 am, the BOP was finally sealed, bringing an end to the blowout which had caused havoc since June 12. In an official statement, ONGC hailed the operation as a testament to its engineering excellence, meticulous planning and strong collaboration with global and local partners. "The capping of RDS 147A marks the successful culmination of ONGC's well control efforts. The operation was executed with utmost safety, without a single injury, fatality or incident of fire," the statement said. The Rudrasagar well blowout had posed serious environmental and safety concerns for the local community, requiring immediate evacuation of nearby residents and extensive safety protocols. With the well now under control, ONGC will proceed further with well-control protocols, including assessing structural integrity and environmental impact, the statement read, reiterating their commitment to the "highest standards of safety, environmental responsibility and operational excellence. " Union petroleum minister Hardeep Singh Puri took to X to applaud the teams. "ONGC has successfully capped the blowout of well RDS 147A at 11:15 hours today. Tired of too many ads? go ad free now This blowout started on 12th June and has been capped successfully within the shortest possible time following all the best practices," he wrote. Puri credited the CMT and international well control experts for their "meticulous planning and concerted efforts," while thanking Assam CM Himanta Biswa Sarma and state officials for their unwavering support. Taking to his social media handle, Sarma expressed his gratitude to Puri and acknowledged ONGC and the state administration teams' relentless work. "My deepest gratitude to the brave men and women of Sivasagar, especially those residing in the affected areas, for displaying extraordinary levels of perseverance and extending unstinted cooperation, with all concerned agencies, over the last two weeks," Sarma wrote.
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Business Standard
a day ago
- General
- Business Standard
ONGC contains gas leak at Assam's Rudrasagar well site on 15th day
State-owned national oil and gas major ONGC has successfully stopped the natural gas leak at the Rudrasagar gas field in Assam, which had been leaking for the past 15 days. On Friday, ONGC announced that capping operations had been successfully completed at the RDS 147A well site in Sivasagar district. 'This blowout started on June 12 and has been capped successfully within the shortest possible time following all the best practices,' Petroleum and Natural Gas Minister Hardeep Singh Puri said in a post on X. ONGC's Crisis Management Team (CMT), along with experts from Texas-based Cudd Pressure Control, completed the critical operation to safely remove the damaged blowout preventer (BOP) from the wellhead. 'The effort was carried out with high precision and coordination to ensure stability and prevent any imbalance or toppling during the lifting process,' ONGC said in a statement. Once the BOP was safely removed, the pre-positioned capping stack, prepared at the staging area, was carefully and accurately placed onto the wellhead. This redirected the gas flow securely to the top of the capping stack, allowing containment. Before this, an extra-long boom crane and a 40-tonne crane had been used to remove the 42 tubing stands from the derrick of the rig, clearing the path for the safe removal of the rig base from the wellhead. The gas leak had sparked widespread fear, prompting the evacuation of 330 families from surrounding areas as a precautionary measure. The first team of mining engineers and experts from the United States reached the gas field on June 20—the eighth day after the leak began. The team included experts from the International Well Control Agency. Rudrasagar is one of India's oldest production sites, operational since 1960, and is located on the outskirts of district headquarters Sivasagar. More than 1,500 people from villages around the rig were evacuated. In June 2020, a similar gas well blowout at Oil India Limited's Baghjan gas field in Assam's Tinsukia district resulted in three deaths and large-scale evacuation.
