Stock Market today | Share Market Live Updates - Find here all the live updates related to Sensex, Nifty, BSE, NSE, share prices and Indian stock markets for August 1, 2024. -- India’s benchmark indexes achieved record closing highs on Thursday, driven by expectations of a U.S. interest rate cut in September, which analysts predict could attract foreign investments into domestic equities. The NSE Nifty 50 rose 0.24% to 25,010.9, and the S&P BSE Sensex increased by 0.15% to 81,867.55. Both indexes hit all-time highs, with the Nifty surpassing 25,000 points for the first time. Following Fed Chair Powell’s remarks on the likelihood of rate cuts, Asian markets saw gains, with the MSCI Asia ex-Japan index up 0.4%. Analysts like Deven Choksey of DRChoksey FinServ believe steady foreign inflows could follow a gradual rate reduction over the next four to six quarters. However, near-term gains may be limited due to profit booking at record highs. Energy stocks surged, with ONGC and Oil India rising after a cut in windfall tax on petroleum crude. Conversely, small- and mid-cap stocks declined by about 1% each amid selling pressure from high valuations.

Stock Market Live Updates August 1, 2024: Sensex, Nifty record highs amid global rally on Fed’s rate cut hint

ONGC inform that the company has plans to open another well and flow gas to onshore terminal next month through the newly laid subsea gas pipeline

ONGC surges 5%, hits new high; Oil India soars 8% in weak market; know why

Data Patterns (India) Ltd, MSTC Ltd, PG Electroplast Ltd and Oil India Ltd are among the other gainers in the BSE’s ‘A’ group today, 25 July 2024.

MMTC Ltd leads gainers in ‘A’ group

Cochin Shipyard climbed 2.63 per cent to Rs 2,742 on BSE. Oil India shares were up 1.92 per cent at Rs 565.65. Ircon International Ltd shares advanced 1.71 per cent to Rs 323.45. LIC shares were up 1.23 per cent at Rs 1,136.90.

Modi stocks, Union Budget 2024: NTPC, Cochin Shipyard, IRFC, BEML, RVNL gain up to 3% today. Here’s why

Oil India Share Price: The surge in the stock price came after the company announced that it has inked a deal with Dolphin Drilling for hiring of Blackford Dolphin.

Oil India stock gains 3% on signing pact with Norway’s Dolphin Drilling

Oil India informed that it has signed a contract with Dolphin Drilling, Norway for the hiring of the ‘Anchor Moored Semi-Submersible Drilling Unit Blackford Dolphin’ on 22 July 2024.

Oil India, Dolphin Drilling inks pact for hiring of Blackford Dolphin

The Blackford Dolphin will be deployed for drilling in Andaman offshore blocks to undertake exploration activities.

Oil India Bags Dolphin Drilling’s Blackford Unit For Andaman Offshore Blocks

Oil India signed a contract with Dolphin Drilling, Norway, a leading drilling contractor for the offshore oil & gas industry, for the hiring of the ‘Anchor Moored Semi-Submersible Drilling Unit Blackford Dolphin’ on 22 July 2024.

Corporate

Oil India signs contract for hiring of Blackford Dolphin

Indian Oil and ONGC led Q1 spending with ₹8,500 crore and ₹8,000 crore, contributing to ₹26,500 crore spent by state oil firms out of a ₹118,500 crore budget. Hindustan Petroleum, Bharat Petroleum (₹1,600 crore), GAIL (₹1,500 crore), and Oil India participated, investing in refinery expansions, gas distribution, and projects like HPCLs Barmer refinery.

Indian Oil capex at Rs 8,500 crore in Q1, ONGC’s Rs 8,000 crore

In New Delhi, Hardeep Singh Puri reviewed Indian PSUs’ global footprint, including ONGC Videsh Ltd, IOCL, Oil India Ltd, BPRL, GAIL, and Prize Petroleum’s 45 assets across 21 countries worth US$ 40.6 billion. Supported by the International Cooperation Division, this pursuit diversifies the portfolio, aligning with PM Modis vision for growth through exploration, LNG, pipeline, refining, and petrochemical projects.

Indian oil PSU’s have global presence with net investments of $40.6 billion, across 21 countries, says Hardeep Puri

The chargers were officially handed over to the President of the Residents’ Welfare Association (RWA) of Noida Sector 15A, symbolizing a collaborative effort between the corporation and the community.

EV charging station set up at Noida’s Sector-15A’s Club House under CSR initiatives of Oil India

Price return has been average, nothing exciting

Performance

Can be considered moderately valued vs the market

Valuation

Lagging behind the market in financials growth

Growth

Showing good signs of profitability & efficiency

Profitability

The stock is underpriced and is not in the overbought zone

Current price is less than the intrinsic value

Fundamentals

Good time to consider, stock is not in the overbought zone

Technicals

Entry point

The stock has a moderate number of red flags

Promoter pledged holding

Unsolicited messages

Default probability

Red flags

Oil India Limited is engaged in oil and gas exploration and production projects both in India and abroad.

Oil India Ltd