ONGC up on traces of new oil reserve

The scrip soared to a high of Rs 1,204 and finally settled at Rs 1,199, up around 2.5%.

The counter clocked volumes of 137,152 shares as compared to the two-week daily average traded volumes of 133,059 shares on the BSE.
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(Updated at 1111hrs)

The Oil and Natural Gas Corporation (ONGC) has increased 2% on the news that the company has found traces of a new oil reserve in Gujarat which could increase the company’s total onshore oil production by about 20%.

The stock opened at Rs 1,188 and advanced to a high of Rs 1,192.

The scrip is now trading at Rs 1,188, up around 2% from the previous close.

The counter has clocked volumes of 23,812 shares as compared to the two-week daily average traded volumes of 133,059 shares on the BSE.