ONGC soars 9.5% from gas price hike plan

The stock touched a new high of Rs 1,119 and ended 9.4% higher at Rs 1,108.

Around 616,443 shares were traded as against the two- week daily average trade of 521,144 shares on the BSE.
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Updated at 1208 Hrs:

ONGC has surged after reports surfaced that the government is likely to double the price of natural gas.

The stock opened up at Rs 1,034. It slipped into the red to a low of Rs 1,025. Soon, however, it surged up 6% to a high of Rs 1,075. the stock is now trading up 5% at Rs 1,061. Around 232,845 shares have been traded at the counter on the BSE so far.

ONGC had suffered a huge loss of Rs 2,140 crore in 2007-08 for selling natural gas at the administered price. The new pricing will yield additional revenue for the cental and state government.