Oil and Gas shares gain as Brent futures dip
BPCL, HPCL, Indian Oil and ONGC are up 2-3% on the Bombay Stock Exchange.
Shares of oil and gas companies are trading higher by up to 3% as Brent crude prices steadied near US $113/barrel.
Bharat Petroleum Corporation (BPCL), Hindustan Petroleum Corporation (HPCL), Indian Oil Corporation (IOC) and Oil and Natural Gas Corporation (ONGC) are up 2-3% on the Bombay Stock Exchange (BSE).
Brent futures dipped towards $113 a barrel on Monday, adding to last week's fall as supply disruption fears from Iraq eased and government forces launched a pushback against a Sunni militant takeover of large areas of the country, the Reuters report suggests.
Among the individual stocks, BPCL and HPCL surged 3% each at Rs 588 and Rs 410 respectively.
ONGC is trading higher by 2% at Rs 419 on the BSE. The company said it will invest over Rs 5,700 crore in redevelopment of its giant Mumbai High (North) oil and gas field.
Bharat Petroleum Corporation (BPCL), Hindustan Petroleum Corporation (HPCL), Indian Oil Corporation (IOC) and Oil and Natural Gas Corporation (ONGC) are up 2-3% on the Bombay Stock Exchange (BSE).
Brent futures dipped towards $113 a barrel on Monday, adding to last week's fall as supply disruption fears from Iraq eased and government forces launched a pushback against a Sunni militant takeover of large areas of the country, the Reuters report suggests.
Among the individual stocks, BPCL and HPCL surged 3% each at Rs 588 and Rs 410 respectively.
ONGC is trading higher by 2% at Rs 419 on the BSE. The company said it will invest over Rs 5,700 crore in redevelopment of its giant Mumbai High (North) oil and gas field.