ONGC Share Price: Nifty Oil And Gas Index Gains As State-Owned Refinery Stocks Rally

ONGC, BPCL Share Price: Shares of Oil & Natural Gas Corporation Ltd (ONGC) and Bharat Petroleum Corporation Limited (BPCL) gained in early trade on March 28. The stocks gained after reports emerged regarding Aramco’s plans to invest in Indian refineries.

Why Is ONGC Share Price Up

ONGC shares surged over 5 per cent to trade at an intraday high of Rs 254.73 apiece on the NSE. On the other hand shares of BPCL gained over 3 per cent to trade at an intraday high of Rs 284.33 apiece. According to a report by news agency Reuters, Aramco is planning to invest in two refineries in India.

The company is looking for a stable outlet for its crude the report said.Additionally the report also stated that Aramco is also likely to invest in Bharat Petroleum Corp's (BPCL) planned refinery in Andhra Pradesh and a proposed Oil and Natural Gas Corp (ONGC) refinery in Gujarat.Earlier in December 2024, BPCL's chairman said that the company plans to invest $11 billion in its Andhra Pradesh refinery and petrochemical project.

The report also said that Aramco has long been scouting for refining opportunities in India.ONGC also made it to the headlines after the state-owned company concluded a three-month survey in the Ganga basin. The company said that it had detected the presence of crude oil at a depth of 3,000 metres. The public sector company said that drilling efforts are currently underway and are expected to conclude by April 2025. 

Nifty Oil And Gas Index Gains

The Nifty Oil & Gas index gained nearly 2 per cent to trade at an intraday high level of 10,727.6 level. The Nifty Oil & Gas index surged after index heavyweights such as BPCL and ONGC rallied. ONGC and BPCL are two of the biggest constituents of the Nifty Oil and Gas index in terms of weightage, holding 15.57 per cent and 8.18 per cent weightage in the index respectively. At the time of writing the index traded at the 10,614.05 level up by 0.58 per cent.

ONGC Share Price History

In a year shares of ONGC have declined over 4 per cent. On a Year-To-Date (YTD) basis, the stock has gained over 6 per cent. In six months, the stock has fallen nearly 14 per cent. In a month the stock has climbed over 6 per cent. In five days the stock has gained over 2 per cent.

BPCL Share Price History

Shares of BPCL have slumped over 7 per cent in a year on the NSE. In a year the stock has fallen over 4 per cent. In six months, the stock has fallen over 19 per cent. In a month the stock has climbed nearly 11 per cent. In five days the stock has fallen nearly 1 per cent.At the time of writing shares of BPCL traded at Rs 279.15 apiece up by 1.12 per cent, and shares of ONGC traded at Rs 250.25 apiece up by 3.34 per cent on the NSE.