Oil and Natural Gas Corporation Limited shares jumped 6.42 per cent to ₹263.86 on the National Stock Exchange during Wednesday’s trading session, following the announcement of shipbuilding contracts with Samsung Heavy Industries for two Very Large Ethane Carriers (VLECs).
The state-run oil explorer, through its joint venture companies with Japan’s Mitsui O.S.K. Lines (MOL), signed the contracts on Monday with South Korea’s Samsung Heavy Industries for constructing two Indian-flag VLECs. The signing ceremony was attended by Petroleum Minister Hardeep Singh Puri and ONGC Chairman Arun Kumar Singh.
ONGC and MOL have established two joint ventures—Bharat Ethane One IFSC Pvt. Ltd. and Bharat Ethane Two IFSC Pvt. Ltd.—at GIFT City, Gujarat, with each company set to own and operate one vessel. The carriers, each with a cargo capacity of one lakh cubic meters, will transport approximately 600 KTPA of ethane for OPaL, an ONGC subsidiary, from the United States to India. Delivery is scheduled for FY 2028-29.
The stock opened at ₹249.20 against the previous close of ₹247.95 and touched an intraday high of ₹266.20, which also marked a new 52-week high. Trading volume was robust at 239.10 lakh shares, with a traded value of ₹624.35 crore. The counter witnessed higher selling pressure with 55.82 per cent sell orders against 44.18 per cent buy orders.
The initiative aligns with the government’s Maritime Amrit Kaal Vision-2047 and aims to strengthen India’s energy supply chain resilience by creating dedicated shipping capacity for critical feedstock. This marks ONGC’s strategic expansion into specialized marine energy logistics, reducing dependence on external shipping infrastructure.
ONGC’s total market capitalization stood at ₹3,31,993.57 crore, with the stock trading at a price-to-earnings ratio of 7.35.
Published on January 28, 2026
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