ONGC.NS Stock Today: January 29 KG Basin pact with Reliance lifts shares
ONGC share price surged today after Oil and Natural Gas Corporation and Reliance signed a deepwater resource-sharing MoU across the KG basin and Andaman offshore. The move targets faster execution and lower costs under the ORDA Act 2025. ONGC.NS traded at Rs 268.58, up 8.32%, hitting a 52-week high of Rs 269.65. Volume spiked to 7.34 crore shares versus a 0.89 crore average. Investors see improved output visibility and operating efficiencies for India’s upstream push.
Why the MoU matters for investors
The Reliance Industries MoU with ONGC pools rigs, vessels, subsea equipment, and logistics across KG basin deepwater and the Andaman region. It allows shared infrastructure, joint maintenance windows, and standardised safety. The pact was announced around India Energy Week 2026, signalling coordination at a national platform. Early details from Upstox highlight cost and time gains.
Deepwater development is capital heavy. Shared rigs and marine spread can cut standby time and mobilisation costs, while common subsea services reduce duplication. Under the ORDA Act 2025, operators can formally share assets, improving utilisation. According to Mint, the announcement lifted both stocks up to 8% as markets priced in better economics and faster execution.
Resource sharing can speed drilling, tie-backs, and maintenance, tightening project timelines. That improves production visibility for the East Coast cluster, including gas from KG basin deepwater prospects. For investors, steadier schedules may support cash flows and reduce project risk. If execution stays on track, the ONGC share price could reflect stronger volumes and improved returns through FY26–FY27.
ONGC share price today: key levels and technicals
The ONGC share price jumped to Rs 268.58, up Rs 20.63 or 8.32%. It printed a new 52-week high at Rs 269.65, with day low at Rs 249.20. Turnover surged to 7,34,23,905 shares versus a 5-day average of 89,18,652, over 8x higher. Such breadth often confirms institutional interest after a catalyst.
RSI is 43.94, rising but below 50, while ADX at 27.34 signals a strengthening trend. MACD histogram turned positive at 0.25. The ONGC share price closed well above the upper Bollinger Band at 241.97, a classic breakout. ATR at 4.77 indicates wider ranges; expect higher intraday swings near new highs.
Immediate resistance sits at Rs 270–272. On pullbacks, watch Rs 258–255 as first support, then the 50-day average near Rs 240.41. A sustained close above Rs 270 can extend the move toward Rs 285–290. If momentum cools, the ONGC share price holding above Rs 250 would keep the breakout structure intact.
Fundamentals at a glance
At Rs 268.58, ONGC trades at 9.23x TTM EPS of Rs 29.11 and 0.85x price-to-book. Earnings yield is 11.72%. These metrics remain below many global peers, giving room if volume growth improves. Quarterly results are scheduled for 3 February 2026. Delivery on cost and timelines from the MoU would support multiples.
Debt-to-equity stands at 0.48 with interest coverage of 6.13, showing manageable leverage. Dividend yield is 4.94% on a TTM dividend of Rs 12.25. The ONGC share price often responds to payout clarity; a stable distribution policy plus output growth could bolster total returns for long-term holders.
Watch realisations, lifting costs, and project cycle times in the KG basin deepwater portfolio. Operating margins at 12.97% TTM and net margin at 5.55% leave scope for gains if efficiencies land. Inventory and payable cycles are healthy, with days sales outstanding at 11.93. Execution updates will likely drive near-term rerating.
What to watch in KG basin deepwater operations
Deepwater work faces weather, equipment availability, and subsea complexity risks. The MoU reduces rig idle time and improves spare sharing, which can de-risk schedules. The ONGC share price will react to any slippage from planned drilling windows. Clear milestone reporting and third-party audits can help keep timelines credible.
The ORDA Act 2025 enables shared infrastructure with compliance guardrails. Standardised safety and operating protocols are central for offshore work. For investors, policy clarity lowers uncertainty. If regulatory coordination stays strong, the ONGC share price may benefit from smoother approvals across East Coast assets.
Track spud-to-first-gas timelines, subsea tie-back completions, and any joint logistics wins. Also watch gas offtake agreements and tariff visibility. Near term, the India Energy Week 2026 backdrop keeps focus on domestic output. Any confirmed savings or accelerated wells could add momentum to the ONGC share price in the coming quarters.
Final Thoughts
Today’s move reflects how a practical resource-sharing plan can shift sentiment. The Reliance Industries MoU signals faster, cheaper deepwater execution across KG basin and the Andaman offshore. Price action confirmed a breakout to a 52-week high, backed by heavy volume. Valuation at 9.23x EPS and a 4.94% yield stays reasonable, with 3 February 2026 results as the next checkpoint. Our take: watch if ONGC holds above Rs 255–258 and whether management quantifies cost savings. For investors, track execution milestones, policy updates under the ORDA Act 2025, and realisations. This article is informational and not investment advice; do your own research before acting.
FAQs
Why did the ONGC share price jump today?
The surge followed a Reliance Industries MoU that lets both companies share deepwater rigs, vessels, and infrastructure across the KG basin and Andaman offshore. Markets expect lower costs and faster execution. The stock hit Rs 269.65 and traded at Rs 268.58, up 8.32%, on strong volume.
What are the near-term technical levels for ONGC?
Immediate resistance is around Rs 270–272. Supports sit at Rs 258–255 and the 50-day average near Rs 240.41. RSI is 43.94 with ADX at 27.34, indicating a strengthening trend. A sustained close above Rs 270 could open a path toward Rs 285–290.
How is ONGC valued after the move?
At Rs 268.58, ONGC trades at 9.23x TTM EPS of Rs 29.11 and about 0.85x price-to-book, with a dividend yield of 4.94%. These metrics remain reasonable for a large upstream player, leaving upside if cost reductions and production gains materialise.
What should investors track after India Energy Week 2026?
Focus on quantified cost savings from the MoU, drilling and tie-back timelines in KG basin deepwater blocks, and gas offtake visibility. Also watch the 3 February 2026 earnings for guidance. Any evidence of faster execution could support the ONGC share price in the coming quarters.
Disclaimer:
The content shared by Meyka AI PTY LTD is solely for research and informational purposes. Meyka is not a financial advisory service, and the information provided should not be considered investment or trading advice.
