INDIA'S ONGC PLANS TO BUILD 1.75 MILLION TON NATIONAL STRATEGIC OIL RESERVE

India's top explorer company

will build a 1.75 million metric ton (MT) national strategic petroleum reserve in Mangalore in southern India. India is the world's third biggest oil importer and consumer. The country was badly hit by the blockade of the Strait of Hormuz after Israel-U.S. attacks on Iran. Therefore, the government is now focussing on self-reliance in terms of oil availability. India also plans to build 4 MT of strategic storage at Chandikhol in the eastern state of Odisha and a new 2.5 MT facility at Padur in southern India. is the largest crude oil and natural gas Company in India, contributing around 71% to Indian domestic production. The stock is currently trading at an attractive valuation of 0.82 times it's book value. Moreover, the company has been maintaining a healthy dividend payout of 38% thereby making it an attractive investment for regular income.