ONGC surges 6%, hits 22-month high on improved outlook; Oil India up 7%

The recent outperformance of oil & gas stocks brings the focus to ONGC, which has so far been unable to replicate the gains seen by the rest of its peers

Shares of Oil and Natural Gas Corporation (ONGC) hit a 22-month high of Rs 135.80, surging 6 per cent on the BSE in Tuesday’s intra-day trade on improved outlook. The stock of the state-owned oil exploration and production company was trading at its highest level since November 2019.

The stock of other state-owned oil exploration & production firm, Oil India, rallied 7 per cent to Rs 209.05 on the BSE. It had hit a 52-week high of Rs 214.75 on September 17, 2021. In comparison, the S&P BSE Sensex was up 0.18 per cent at 58,598 points at 12:57