Oil India (OIL) has signed a joint venture (JV) agreement at Guwahati on July 20, 2018 in connection with formation of a JV company for construction of North-East Gas Grid Pipeline in the eight North-Eastern States, viz. Assam, Arunachal Pradesh, Meghalaya, Manipur, Mizoram, Nagaland, Tripura and Sikkim.

The proposed JV Company will have equal equity contribution from all the five PSU JV Partners.

The stock had underperformed the market over the past one month till Jul. 24, 2018, falling 2.23% compared with the Sensex's 3.18% rise. It underperformed the market in past one quarter, declining 11.16% as against 6.38% rise in the Sensex.

Shares of the company gained Rs 1.9, or 0.92%, to trade at Rs 208.20. The total volume of shares traded was 2,194 at the BSE (10.12 a.m., Wednesday).