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ONGC, HPCL and MRPL gain on merger buzz

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of ONGC, and Mangalore Refinery & Petrochemicals rose 1.59% to 5% at 15:08 on on buzz of a taking place soon between and

(up 1.59% at Rs 162.85), (up 5% at Rs 359.05) and Mangalore Refinery & Petrochemicals (MRPL) (up 3.67% at Rs 127.20) edged higher.

Meanwhile, the S&P Sensex was up 36.04 points or 0.11% at 37,783.13.

Oil Minister Dharmendra Pradhan was quoted by media agencies as saying that the between and HPCL will be completed in the current financial year (FY 2018).

ONGC and HPCL both hold stakes in ONGC held 71.63% stake and HPCL owned 16.96% end March 2017.

There was a buzz in media from earlier this month that the government was looking to sell 51% stake in HPCL to ONGC for over Rs 26000 crore. After the Cabinet nod, the government could move to appoint valuation and transaction advisers while ONGC too may decide to hire merchant bankers to arrive at the valuation of government shareholding, reports suggested.

Government of India (GoI) held 68.07% stake in ONGC and 51.11% in HPCL end March 2017.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, July 12 2017. 15:06 IST