ONGC, Oil India surge on buzz of subsidy burden removal
ONGC rallied 5.4% at Rs 321, Oil India surged 5% at Rs 480 and Gail India up 2% at Rs 367 on the BSE.
 "ONGC, Oil India surge on buzz of subsidy burden removal")
Shares of state-owned oil exploration companies - Oil and Natural Gas Corporation (ONGC) and Oil India were trading higher by up to 5% on reports that the government has decided to scrap the fuel subsidy-sharing mechanism and bear the entire burden of the oil marketing companies for 2015-16.
The move will improve the bottom lines of exploration and production companies such as Oil India, ONGC and GAIL. CLICK HERE TO READ FULL REPORT.
Among the individual stocks, ONGC has rallied 5.4% at Rs 321, followed by Oil India (5% at Rs 480) and Gail India (up 2% at Rs 367) on the BSE. At 1221 hours, S&P BSE Sensex was up 1.3% or 358 points at 27,369.
The move will improve the bottom lines of exploration and production companies such as Oil India, ONGC and GAIL. CLICK HERE TO READ FULL REPORT.
Among the individual stocks, ONGC has rallied 5.4% at Rs 321, followed by Oil India (5% at Rs 480) and Gail India (up 2% at Rs 367) on the BSE. At 1221 hours, S&P BSE Sensex was up 1.3% or 358 points at 27,369.