Shares of oil and gas companies are in limelight ahead of Cabinet Committee on Economic Affairs (CCEA) meeting today to decide on raising natural gas prices for the first time in three years.
Oil and Natural Gas Corporation of India (ONGC), Reliance Industries, Oil India, Cairn India and Gail India are trading higher in the range 2-3% on the Bombay Stock Exchange (BSE).
The BSE Oil and Gas index has surged 2.5% at 8,548 compared to 1.1% rise in benchmark Sensex at 1038 hours.
If approved, gas price will rise to $6.775 per million British thermal unit from $ 4.2 currently, the PTI report suggests.
According to industry estimates, every $1 rise in the price of gas would add Rs 3,000 crore to the net profits of public sector undertakings and Rs 2,000 crore to those of private companies; the overall industry would see an addition of Rs 5,000 crore a year, the Business Standard report suggests.
Among the individual stocks, ONGC is up 3.3% at Rs 318, followed by Oil India (3.2% at Rs 578), Reliance Industries (2.6% at Rs 824) and Cairn India (2% at Rs 280).
Oil and Natural Gas Corporation of India (ONGC), Reliance Industries, Oil India, Cairn India and Gail India are trading higher in the range 2-3% on the Bombay Stock Exchange (BSE).
The BSE Oil and Gas index has surged 2.5% at 8,548 compared to 1.1% rise in benchmark Sensex at 1038 hours.
If approved, gas price will rise to $6.775 per million British thermal unit from $ 4.2 currently, the PTI report suggests.
According to industry estimates, every $1 rise in the price of gas would add Rs 3,000 crore to the net profits of public sector undertakings and Rs 2,000 crore to those of private companies; the overall industry would see an addition of Rs 5,000 crore a year, the Business Standard report suggests.
Among the individual stocks, ONGC is up 3.3% at Rs 318, followed by Oil India (3.2% at Rs 578), Reliance Industries (2.6% at Rs 824) and Cairn India (2% at Rs 280).
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