February 24, 2023

ONGC to invest $2 billion to raise oil and gas output

Blog | F&O

Good morning!☕🗞️

Keep your finger on the pulse with today's options setup and F&O headline makers.

Options setup (Expiry: 2 March)

Nifty50 Max Call OI	18,000
Nifty50 Max Put OI	17,500
Max Pain	17,600
PCR	0.80

Bank Nifty Max Call OI	40,000
Bank Nifty Max Put OI	40,000
Max Pain	40,000
PCR	0.71

⭐ONGC's $2 billion drilling plans
₹154 ▲1 (+0.7%)

Shares of state-owned oil and gas producer ONGC rose 0.7% on Thursday, while the OI of its March futures contract advanced 12%, indicating a long build-up. This comes after the company said that it plans to invest $2 billion in drilling 103 wells in the Arabian Sea over the next three years.

⭐Tata Motors plans EV stake sale
₹433 ▲3 (+0.8%)

The shares of Tata Motors ended higher, while the OI of its March futures contract rose 27%, indicating a long build-up. This comes after reports suggested that the company has begun talks with sovereign wealth funds and private equity investors to raise $1 billion via a stake sale in its electric vehicle (EV) business.

⭐NMDC rises on reclaim relief
₹117 ▲1 (+1.2%)

NMDC shares ended higher on Thursday, while the OI of its March futures contract rose 33%, indicating a long build-up. This comes after reports suggested that the Supreme Court allowed the company to reclaim half of the contribution made to Karnataka Mining Environment Restoration Corporation in 2019.

⭐ZEE hit by NCLT woes
₹198 ▼7 (-3.7%)

The shares of Zee Entertainment fell over 3%. The OI of its March futures contract rose 33%, indicating a short build-up. This comes after the Mumbai bench of the National Company Law Tribunal was allowed to initiate insolvency proceedings against the company. The order came on a petition filed by IndusInd Bank.

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