Oil India shares rise after state-run explorer inks green energy JV pact with Assam Power Generation Corp
The agreement, signed on January 8 in Guwahati, is aimed at boosting the countrys efforts towards energy transition and for achieving Oil Indias target for net zero by 2040, according to a regulatory filing by the state-run company.
Oil India shares inched higher on Tuesday, January 9, after the state-run oil exploration and production firm signed a joint venture agreement with Assam Power Generation Corporation (APGCL) to work together in the renewable energy space. The Oil India stock gained by as much as Rs 5.2, or 1.4 per cent, to Rs 379.3 apiece on BSE.
Assam Power Generation Corporation Ltd (APGCL) is a public sector enterprise of Assam mainly responsible for maximising energy generation to meet the demand.
The agreement, signed on January 8 in Guwahati, is aimed at boosting the country's efforts towards energy transition and for achieving Oil India’s target for net zero by 2040, according to a regulatory filing by the state-run company.
What analysts make of Oil India
Morgan Stanley maintained an ‘overweight’ rating on Oil India with and raised its target price for the oil stock to Rs 487 from Rs 329. The brokerage expects healthy growth for Oil India.
Oil India shares: Past performance
The stock has rallied more than 78 per cent in the past year, sharply outperforming a 20 per cent rise in the headline Nifty50 index.
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