Oil and Natural Gas Corporation (ONGC) is trading higher by 2.4% at Rs 293 on reports that the petroleum ministry seeks to cut subsidy burden.
The stock opened at Rs 287 and hit a high of Rs 294 on the NSE. A combined 832,570 shares have changed hands on the counter so far on the NSE and BSE.
The petroleum ministry is planning a new subsidy-sharing mechanism - something that might come as relief to upstream oil companies like ONGC, Oil India and GAIL India, the Business Standard report suggests.
Meanwhile, the ministry will move a Cabinet note for a higher increase in diesel price - in line with the Rs 5 raise recommended by the Kirit Parikh committee, added report.
Among the other individual stocks, HPCL and BPCL are up 3% each, followed by Indian Oil (up 2%) and Oil India and GAIL India (up 1% each).
The stock opened at Rs 287 and hit a high of Rs 294 on the NSE. A combined 832,570 shares have changed hands on the counter so far on the NSE and BSE.
The petroleum ministry is planning a new subsidy-sharing mechanism - something that might come as relief to upstream oil companies like ONGC, Oil India and GAIL India, the Business Standard report suggests.
Meanwhile, the ministry will move a Cabinet note for a higher increase in diesel price - in line with the Rs 5 raise recommended by the Kirit Parikh committee, added report.
Among the other individual stocks, HPCL and BPCL are up 3% each, followed by Indian Oil (up 2%) and Oil India and GAIL India (up 1% each).
