BofA-Merrill upgrades ONGC, Oil India to 'buy'

Cites prospect of "imminent" hikes in state-administered gas prices

Bank of America Merrill Lynch upgraded its ratings on state-run producers Oil and Natural Gas Corp (ONGC) and Oil India Ltd to "buy" from "neutral", citing the prospect of an "imminent" hikes in state-administered gas prices.

The oil ministry will soon send recommendations on a hike in gas prices to the cabinet for consideration, a ministry source told Reuters on Wednesday.