Oil India gains on entering into agreement with Ireland based PetroNeft Resources Plc

Oil India is currently trading at Rs 480.80, up by 3.05 points or 0.64% from its previous closing of Rs 477.75 on the BSE. The scrip opened at Rs 481.55 and has touched a high and low of Rs 483.85 and Rs. 478.00 respectively. So far 28178 shares were traded on the counter. The BSE group 'A' stock of face value Rs 10 has touched a 52 week high of Rs 629.70 on 31-May-2013 and a 52 week low of Rs 415.00 on 29-Aug-2013. Last one week high and low of the scrip stood at Rs 487.90 and Rs. 472.55 respectively. The current market cap of the company is Rs. 28914.64 crore. The promoters holding in the company stood at 67.64% while Institutions and Non-Institutions held 17.35% and 15.01% respectively. Oil India (OIL) has entered into an agreement with PetroNeft Resources Plc, a company registered in Ireland, in respect of 50% non-operating interest in License 61, Tomsk Oblast, Russian Federation with a total investment of up to $85 million. Oil India, a Navratna Company, is Asia's oldest and biggest pioneer oil exploration and Production Company. Oil India has over 1 lakh sq km of PEL/ML areas for its exploration and production activities, most of it in the Indian North East, which accounts for its entire crude oil production and majority of gas production.