ONGC, Oil India surge on subsidy exemption report
Oil India rallied 8% to Rs 592, while ONGC gained 4.4% to Rs 357 on the National Stock Exchange.
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Shares of state-owned oil exploration companies such as Oil and Natural Gas Corporation (ONGC) and Oil India has moved higher by up to 5% on hopes of subsidy exemption.
“The government is likely to exempt ONGC and Oil India Ltd from payment of fuel subsidy during the rest of the fiscal due to steep decline in global oil rates to around USD 50 per barrel,” PTI report suggests.
Among the individual stocks, Oil India has rallied 8% to Rs 592, while ONGC gained 4.4% to Rs 357 on the National Stock Exchange (NSE).
“The government is likely to exempt ONGC and Oil India Ltd from payment of fuel subsidy during the rest of the fiscal due to steep decline in global oil rates to around USD 50 per barrel,” PTI report suggests.
Among the individual stocks, Oil India has rallied 8% to Rs 592, while ONGC gained 4.4% to Rs 357 on the National Stock Exchange (NSE).
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First Published: Jan 09 2015 | 2:36 PM IST