Oil India shares increased 5% and hit a new 52-week high of Rs 743.60, ahead of bonus shares in the ratio of 1:2, or one equity share for every two current equity shares held in the company. The board has chosen Tuesday, 2 July 2024, as the record date to determine the eligibility of shareholders to receive bonus shares. 

The company is in the business of exploring, developing, and producing crude oil and natural gas, transportation of crude oil & natural gas, production of LPG, and generation of renewable energy.

The Indian government is planning to double its oil and gas exploration area to 0.5 million square kilometres by 2025 and to 1 million square kilometres by 2030 in hopes of increasing domestic output. 

As the company has E&P as its core business, this initiative will help create enormous opportunities in the future to play a key role in enhancing India’s energy security. 

India aims to produce at least 5 MMT (million metric tons) of green hydrogen annually by 2030, along with an additional 125 gigawatts (GW) of renewable energy capacity. 

The company also plans to enter the compressed biogas (CBG), CBM, and biogas markets.

At 3:15 pm, the shares of Oil India were trading 2.52% higher at Rs 723 on NSE.