BAJAJ BROKING
Oil India signed a contract with Dolphin Drilling for the Blackford Dolphin rig, to explore Andaman Offshore Blocks. The state-owned company reported a 13.45% rise in net profit and a 2.46% increase in revenue in Q4 FY24.
Investors will focus on Oil India share price today as the state-owned Maharatna company has announced a significant partnership with Dolphin Drilling, a leading offshore drilling contractor based in Norway.
The agreement was formalised on 22 July 2024 and involved the deployment of the 'Anchor Moored Semi-Submersible Drilling Unit Blackford Dolphin' for exploration activities in the Andaman Offshore Blocks.
The Blackford Dolphin rig, renowned for its advanced drilling technology, will be instrumental in undertaking exploration activities in the Andaman Offshore Blocks. This collaboration is expected to boost Oil India's operational efficiency and exploration outcomes in the region.
Oil India operates under the administrative control of India's Ministry of Petroleum and Natural Gas and holds the prestigious Maharatna status. As of 31 March 2024, the Government of India retains a 56.66% stake in the company.
In its financial performance for Q4 FY24, Oil India reported a 13.45% increase in standalone net profit, amounting to ₹2,028.83 crore. This was accompanied by a 2.46% rise in revenue from operations, which totalled ₹5,527.3 crore.
Oil India share price dipped slightly on 22 July 2024, closing at ₹555, down 2.86%. Recently, investors also received Oil India bonus shares in the ratio of 1:2 along with a final dividend of ₹3.75 per share for 2023-24.
Oil India's strategic contract with Dolphin Drilling marks a significant step in enhancing its offshore exploration capabilities. The deployment of the Blackford Dolphin rig in the Andaman Offshore Blocks is anticipated to bolster the company's exploration activities, contributing to its long-term growth and sustainability objectives.
Disclaimer: Investments in the securities market are subject to market risk, read all related documents carefully before investing.
This content is for educational purposes only. Securities quoted are exemplary and not recommendatory.
For All Disclaimers Click Here: https://bit.ly/3Tcsfuc
Share this article:
Gold Price in India | Gold Rises 1% to $2,719 Ahead of U.S. PPI Data
12 Dec, 2024 | 39 Min. read
Indian Overseas Bank Receives ₹808.3 Crore Income Tax Refund
12 Dec, 2024 | 2 Min. read
Shakti Pumps Secures ₹754.3 Crore Solar Water Pump Order in Maharashtra
12 Dec, 2024 | 2 Min. read
Coca-Cola Sells 40% Stake in Bottling Arm to Jubilant Bhartia Group
12 Dec, 2024 | 2 Min. read
Vedanta to Consider Fourth Interim Dividend on December 16
12 Dec, 2024 | 2 Min. read
Share Market Today | Flat to Positive Start Expected for Indian Markets Amid Global Cues
12 Dec, 2024 | 4 Min. read
Securities Transaction Tax: Meaning & Charges
12 Dec, 2024 | 7 Min. read
International Gemological Institute India IPO Issue Date & Pricing
12 Dec, 2024 | 4 Min. read
How to Apply for International Gemological Institute India IPO?
12 Dec, 2024 | 3 Min. read
Robo Trading: Meaning, Examples, Features & Types
12 Dec, 2024 | 6 Min. read
India’s Leading Infrastructure Stocks for 2024
12 Dec, 2024 | 6 Min. read
India’s Leading Government Stocks in 2024
12 Dec, 2024 | 6 Min. read
RBI Launches ULI: Transforming Loan Access
August 27, 2024 | 4 Min. read
Textile Sector in India
September 20, 2024 | 5 Min. read
List of IPOs with DRHPs Filed
November 30, 2023 | 3 Min. read
Aditya Birla Group
September 28, 2023 | 10 Min. read
Bajaj Housing Finance Ltd IPO: Things Smart Investors Need to Know
September 05, 2024 | 4 Min. read
Budget Stock Ideas 2024-2025 | Stocks to Buy Today
July 24, 2024 | 4 Min. read
IPO Eligibility Criteria : Full Details
March 15, 2024 | 6 Min. read
What Is the Lock-In Period in IPOs?
October 18, 2023 | 6 Min. read
Godfrey Phillips Announces 2:1 Bonus Shares
September 16, 2024 | 7 Min. read
Jindal Group- A Comprehensive Analysis
September 27, 2024 | 7 Min. read
Level up your stock market experience: Download the Bajaj Broking App for effortless investing and trading