Oil India share price jumps over 3% after the announcement of this JV. Should you buy? | Stock Market News
Oil India share price jumped over 3% on Tuesday after the company entered into an agreement with TotalEnergies to collaborate on methane emissions detection and measurement. Oil India shares rallied as much as 3.85% to ₹490.75 apiece on the BSE.
Oil India Ltd (OIL) signed a Cooperation Agreement with TotalEnergies to carry out methane emissions detection and measurement campaigns using TotalEnergies’ pioneer AUSEA1 technology at OIL sites in India, the state-run company said in a BSE filing.
TotalEnergies makes this technology available to other operators among the signatories of the Oil and Gas Decarbonization Charter (OGDC), a global industry initiative launched at COP28, as an effective and recognized tool to detect, measure and eventually abate methane emissions on their own assets.
Mounted on a drone, the AUSEA gas analyzer, developed by TotalEnergies and its R&D partners, consists of a dual sensor capable of detecting methane and carbon dioxide emissions, while at the same time identifying their source, said the company.
Oil India share price outlook
Oil India share price has fallen over 8% in one month and more than 29% in three months.
According to Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi, Oil India stock price has broken its previous breakout zone and is on an upward trajectory.
“Oil India shares have broken their earlier breakout zone in the ₹450 – 460 range. This can act as a support level for the stock. Traders can apply ‘buy on dips’ in Oil India shares for a target range of ₹520 – 530, while keeping stop loss at ₹450 level,” said Dongre.
At 2:20 PM, Oil India shares were trading 2.97% higher at ₹486.60 apiece on the BSE.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
