ONGC shares hit 52-week high following company’s plan to invest ₹1 lakh crore in petrochemical plants

In a significant development, Oil and Natural Gas Corporation (ONGC) witnessed a nearly 2% surge in its share price, reaching a 52-week high of ₹203.35 per share during Thursday’s BSE session. This uptick followed the revelation that ONGC has strategic plans to invest a staggering ₹1 lakh crore in establishing two state-of-the-art petrochemical plants, as reported by PTI. The day commenced with ONGC share prices opening at ₹202.75 on BSE, briefly touching an intraday low at ₹201, positioning ONGC shares among the leading gainers in the Nifty 50 early in the trading session.

As part of its proactive approach to energy transition, ONGC aims to channel its substantial investment to create two petrochemical plants designed to directly convert crude oil into high-value chemical products. Senior officials of the company made this announcement on Wednesday, underscoring their commitment to advancing the organization’s role in the evolving energy landscape.

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Pomila Jaspal, ONGC’s Director (Finance), shared insights during an investor call on the company’s second-quarter earnings, revealing the strategic direction. According to PTI’s news report, Jaspal highlighted ONGC’s vision to initiate separate oil-to-chemical (O2C) projects, aligning with the company’s broader energy transition goals.

D Adhikari, Executive Director and Chief of Joint Ventures & Business Development at ONGC, elaborated on the ambitious investment plan during the investor call. Adhikari stated, “We have plans to invest ₹1,00,000 crore by 2028 or 2030 in two projects in two separate states. Our plan is to raise petrochemical capacity to 8.5-9 million tonnes by 2030.”

At 12:12 pm, ONGC shares continued their positive momentum, trading 1.15% higher at ₹201.80.