ONGC, Oil India gain 3%; hit over 8-month highs
Shares of upstream oil companies, Oil & Natural Gas Corporation (ONGC) and Oil India hit over eight-month high, as they gained 3 per cent each in Monday’s intra-day trades on expectations of better profitability due to sustained higher crude oil prices and gas realizations. Oil prices reached $86/bbl driven by optimism around demand from top oil importer China.
Among the individual stocks, Oil India was up 3 per cent at Rs 264.95 on the BSE in Monday’s intra-day trade. The stock was trading at its highest level since June 16, 2022. It had hit a 52-week high of Rs 306 on June 6, 2022.
