Petroleum Minister Hardeep Puri hails ONGC after share price skyrockets to all-time high

Oil and Natural Gas Corporation (ONGC) achieved a milestone as its share price surged past Rs 323 with a 5.18 per cent intraday gain on Tuesday.

This performance propelled ONGC's market capitalization to Rs 4.06 lakh crore, marking the highest in the company's history.

The surge in share prices is a testament to ONGC's robust financial health and strategic direction.

Union Minister for Petroleum and Natural Gas, Hardeep Singh Puri, took to social media platform X (formerly known as Twitter) to celebrate this achievement.

He posted, "Congratulations to #ONGC for this milestone achievement. The surge in the share prices - the highest ever in ONGC's history - is similar to share price performance across Oil & Gas PSUs. Prime Minister @narendramodiji's guidance, leadership and timely decisions have transformed our PSUs into confident and professional global energy leaders! @ONGC_ #EnergyNowAndNext"

Earlier ONGC posted on X "ONGC breaks records! On 15 July 2024, our share price surged past Rs 323 with a 5.18% intraday gain, propelling our market cap to Rs 4.06 lakh crore--the highest ever in ONGC's history!"

The record-breaking performance of ONGC's shares reflects a broader trend within the oil and gas sector, where public sector undertakings (PSUs) are witnessing significant gains.

Under the leadership of Prime Minister Narendra Modi, the Indian government has implemented several reforms aimed at strengthening the oil and gas sector.

These initiatives have included streamlining regulatory frameworks, enhancing production capabilities, and promoting greater transparency and efficiency within PSUs.

The government's focus on energy security and self-reliance has also played a crucial role in driving growth and profitability for companies like ONGC.

ONGC, as India's largest oil and gas exploration and production company, has consistently demonstrated resilience and adaptability in a dynamic market environment.

The company's investments in technology, infrastructure, and sustainable practices have positioned it as a key player in the global energy landscape.