MUMBAI: State-run Oil and Natural Gas Corporation surged by six per cent in morning trade on the Bombay Stock Exchange after reports surfaced that the government is likely to double the price of natural gas. Shares of ONGC opened firm at Rs 1,034, then gathered momentum and witnessed an intra-day high of Rs 1,072.80, a jump of 5.95 per cent from its previous closing price.
As per media reports, the government is likely to double the price of natural gas sold through the administered price mechanism (APM) to USD 4.2 per million metric British thermal unit (mmbtu). Similar movement was seen on the National Stock Exchange, where the scrip opened at Rs 1,039.90, then jumped 5.69 per cent and touched its day's high of Rs 1,072.70.
Marketmen said the surge in the counter was witnessed as the gas price revision would benefit the bottomline of the two public sector companies -- Oil and Natural Gas Corporation and Oil India Ltd. On the volume front, good movement was witnessed as over eight lakh shares exchanged hands on both the bourses.
(Source: ET)
No comments:
Post a Comment