ONGC acquires 5% stake in Indian Gas Exchange
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Last Updated: Mar 10, 2021, 08:21 PM IST
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Synopsis
IGX is India s first automated national-level gas exchange for trading in natural gas in the country.
ONGC signed a Share Purchase and Shareholders Agreement (SPSHA) with the Indian Gas Exchange (IGX) and the Indian Energy Exchange (IEX).
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NEW DELHI: State-owned Oil and Natural Gas Corp (
ONGC) on Wednesday said it has acquired a 5 per cent stake in Indian Gas Exchange (IGX), joining likes of Adani Total Gas, Torrent Gas and GAIL in nation s first gas exchange. The Indian Gas Exchange is a subsidiary of the
ONGC Q3 Results: The company s performance was hit by crude oil prices amid COVID-19 pandemic
State-owned Oil and Natural Gas Corporation (ONGC) posted a 67.4 per cent year-on-year decline in standalone profit to Rs 1,378 crore in the third quarter of the current financial year. The standalone net profit stood at Rs 4,226 crore in the year-ago period. According to the company s regulatory filing to BSE, the company s standalone revenue from operations slipped 28 per cent in the third quarter to Rs 17,023.80 crore, compared to Rs 23,710.05 crore in the year-ago period. The company s quarterly performance was impacted by crude oil and natural gas prices due to the COVID-19 pandemic, as well as volatile global crude oil and natural gas markets.