ONGC share price opened marginally lower at ₹253.35 on NSE on Monday, December 16, 2024. The fall in share price was led by the company’s clarification regarding its green energy arm, ONGC Green Limited (OGL).
The clarification came after reports suggested a potential public listing of OGL. ONGC issued a statement on Sunday, emphasising that there are no concrete plans for a stock market listing of ONGC Green at this time.
The company explained that the topic of a possible public listing was raised during an interview with the Director (Exploration).
The discussion focused on the company’s exploration activities, growth plans, and future energy thrust. ONGC clarified that any decision regarding a public listing would be made in the future, as and when decided by the ONGC Board.
This statement follows growing investor interest in renewable energy assets. ONGC has been building a green energy portfolio and recently formed a 50:50 joint venture with NTPC Green to establish ONGC NTPC Green Private Limited (ONGPL).
This joint venture aims to explore and develop renewable energy projects, including offshore wind projects, through both greenfield developments and acquisitions. The venture will also assess the feasibility of such projects, further strengthening ONGC’s green energy initiatives.
ONGC faced a mixed bag of results. In the last month, the stock tried to secure positive returns of just 1%. Contrastingly, the past 6 months were challenging, with the stock experiencing negative returns of 8.75%, indicating a period of decline.
Year-to-date figures further emphasise the stock’s bullish trend, recording a growth of 22.56%. Looking at the broader horizon, the shares have shown strength, with returns of over 28% in the last year.
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.
Published on: Dec 16, 2024, 12:49 PM IST
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