ONGC shares notch up 52-week high as oil co plans Rs 1 lakh crore investment to set up petrochemical plants
ONGC in its investor call on Wednesday said that it would invest Rs 1 lakh crore to set up two petrochemicals plants in two states.
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ONGC Share Price: ONGC shares hit a 52-week high of Rs 203.35 each in the morning trading session on Thursday (November 16) after the company said in its investor meet on Wednesday that it would invest Rs 1 lakh crore to set up two petrochemicals plants.
The stock that closed at Rs 199.45 on Wednesday opened at Rs 202.75 on Thursday before reaching the 52-week high in the morning session.
The shares were trading higher by 1.08 per cent, or Rs 2.15, at Rs 201.60 apiece, at 10:53 am on Thursday. Shares of ONGC have eebn performing well for over a week as they also hit 52-week highs on Wednesday (November 15) and during the Muhurat session on Sunday November 12.
"We have plans to invest Rs 100,000 crore by 2028 or 2030 in two projects in two separet states," said D Adhikari, ONGC's executive director and Chief of Joint ventures & Business Development, in the investor call on Wednesday.
The oil company, however, didn't reveal the location of the petrochemicals plants
The PSU said that its petrochemicals plants would convert crude oil direct into high-value chemical products.
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