ONGC stock hits record high after big shipping deal and oil price jump
ONGC shares just hit a 52-week high, touching an intraday high of ₹266.20 on Wednesday.
The buzz? ONGC just signed major shipbuilding contracts with Samsung Heavy Industries.
Why does this matter?
ONGC's new move into ethane shipping means a steady supply of raw material for its OPaL plant in Dahej—think fewer import headaches and more control over production.
This lines up with India's push for energy independence (Maritime Amrit Kaal Vision-2047) and could give ONGC a solid edge as demand for petrochemicals rises.
What's behind the scenes?
The deal, inked on January 27 during India Energy Week, brings two massive Indian-flag ethane carriers (VLECs) into play—each can haul 100,000 cubic meters and runs on cleaner dual-fuel engines.
Partnering through GIFT City with Mitsui O.S.K. Lines (MOL), ONGC locked in 15-year charters to shuttle ethane from the US to India by FY 2028-29.