Oil & Natural Gas Corporation  (ONGC) announced the company will be investing Rs 52.19 billion towards Daman Development project to enhance production of natural gas and condensate in its Tapti Daman block in Arabian Sea.

The investment decision has been approved by the board. The project is located about 90-100 km from Daman coast and includes additional development of C-24 field and monetization of B-12 marginal fields.

Shares of the company gained Rs 7.4, or 1.73%, to settle at Rs 435.15. The total volume of shares traded was 614,362 at the BSE (Thursday).