PM Modi inaugurates second edition of the India Energy Week; IOC, BPCL, Petronet, ONGC shares jump

A bunch of stocks remained in focus on Dalal Street on Tuesday as Prime Minister Narendra Modi inaugurated the second edition of the India Energy Week. The Prime Minister said the country will see investments to the tune of $67 billion (about Rs 5.5 lakh crore) over the next 5-6 years as it gears up to increase the share of gas in its primary energy mix.

Most oil & gas stocks rose, with Indian Oil, BPCL, HPCL, Petronet LNG, Oil India, IGL, ONGC, Coal India and GAIL shares settling with gains of around 2-6 per cent. On the other hand, counters such as Power Grid and Reliance declined about 1-3 per cent.

While the Nifty Oil & Gas and Nifty Energy indices rose 2.7 per cent and 0.6 per cent respectively, the Nifty Infrastructure settled one per cent stronger for the day.

Speaking at the India Energy Week 2.0, scheduled from February 6 to February 9, the PM said government reforms are helping boost domestic natural gas production, and aimed at raising the share of gas in the energy mix to 15 per cent by 2030.

Also Read: India Energy Week 2024: Energy ministers from 17 countries to participate

Outlining his government's vision for reducing the country's dependence on fossil-based fuels, the PM said that blending of ethanol has risen from 1.5 per cent to above 12 per cent in 10 years. India has already rolled out 20 per cent blended fuel, though, in a phased manner, in April 2023, and its widespread availability is expected in days to come.

Sugar stocks were a mixed bag. While Bajaj Hindusthan, DCM Shriram, Magadh Sugar, Avadh Sugar, Triveni Engineering, Dwarikesh Sugar and Ugar Sugar stocks rose around 1-6 per cent, counters such as EID Parry, Mawana Sugars, Shree Renuka Sugars, Dalmia Bharat, Bannari Amman and Dhampur Sugar declined up to two per cent.

The PM also exuded confidence that the country will reach its goal of achieving 20 per cent blending of petril with ethanol by 2025, five years earlier than the original target of 2030.

Also Read: India looks at $67 billion investments to improve energy mix over next 5-6 years: PM Modi

The PM also said that with a growth rate of more than 7.5 per cent, the country is set to become the world's third-largest economy soon.

The PM also invited global players to participate in the country's energy sector growth, saying that the country is expected to increase its refining capacity from 254 MMTPA (million metric tonne per annum) to 450 MMTPA by 2030. The PM reiterated the Centre's unprecedented push on infrastructure, days after the Finance Minister announced an estimated capital expenditure of Rs 11 lakh crore in the Interim Budget for the financial year 2024-25. The amount will create assets in railways, roadways, waterways, airways and housing, which will need energy, prompting the country's efforts towards expanding its energy capacity, the Prime Minister said.

(With inputs from agencies)

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