The state-owned Oil and Natural Gas Corp (ONGC) on February 9 had reported a 15 per cent rise in the December quarter net profit as higher prices made up for fall in output.
The MoU between Indian consortium (OVL, BPRL and IOCL) and state-run Abu Dhabi National Oil Company (ADNOC) was signed for acquisition of 10 per cent participating interest in the offshore Lower Zakum Concession.
Reacting to the development, shares of the company opened on a bullish note at Rs 192, then gained further momentum and touched a high of Rs 194.50, up 3.59 per cent over its previous closing price.
The stock ended the day at Rs 190.85, up 1.65 per cent on the BSE.
On the NSE, the stock opened at Rs 192, then surged to a high of Rs 194.50 and finally ended at Rs 191.30, up 2.11 per cent over its previous close.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)