ONGC gets a crude oil price lift

DALAL STREET SPIKES

Strong crude oil prices helped the Oil and Natural Gas Corporation (ONGC) scrip rise 3.25 per cent to close at Rs 731.60, hitting a high of Rs 742 and a low of Rs 695 in intra-day trades. More than 12.33 lakh shares were traded on the BSE.

Brokers said that the counter saw buying after its subsidiary MRPL reported a turnaround for fiscal 2004 in afternoon trades.

Marketmen attribute the rise to strong crude oil prices. Rajesh Kamdar, dealer with a local brokerage, said, "Firm global crude oil prices is a good thing for ONGC, as the company can quote prices on par with imported crude."

ONGC is the largest oil and gas company in India, with an approximate 80 per cent production market share in both segments, he added.