ONGC, Oil India gain 3%; hit over 8-month highs

In past one month, Oil India has rallied 23%, while, ONGC surged 11%, as compared to 0.33 per cent decline in the S&P BSE Sensex.

Shares of upstream oil companies, Oil & Natural Gas Corporation (ONGC) and Oil India hit over eight-month high, as they gained 3 per cent each in Monday’s intra-day trades on expectations of better profitability due to sustained higher crude oil prices and gas realizations. Oil prices reached $86/bbl driven by optimism around demand from top oil importer China.

Among the individual stocks, Oil India was up 3 per cent at Rs 264.95 on the BSE in Monday’s intra-day trade. The stock was trading at its highest level since June 16, 2022. It had hit a 52-week high of Rs