RIL, ONGC, OIL: Will gas price hike fire up a bull phase in related stocks?

Shares of Oil & Natural Gas Corporation (ONGC), Reliance Industries, and Oil India were in spotlight on Monday amid a steep 40 per cent hike in natural gas price by the order of the Petroleum Planning and Analysis Cell. 

The 40 per cent hike in gas prices under the administered price mechanism (APM) advised by the Kirit Parekh committee last week from $ 6.26/ Metric Million British Thermal Unit (mmbtu) to $8.57/mmbtu, and 26.26 per cent jump in high pressure, high temperature (HPHT) gas price to $12.5/mmbtu will have a far reaching implication. Select upstream companies, such as ONGC, and