ONGC shares surge 10%, rise to 10-month high
Indian shares rose on Friday and were set for a sixth straight weekly gain as Oil and Natural Gas Corp surged on the back of higher crude prices, with sentiment also supported by optimism over COVID-19 vaccines. ONGC shares climbed 10% after Brent rose above $50 for the first time since March, as coronavirus vaccination rollouts kept hopes alive that demand for crude would build up next year. At 10:32 a.m., ONGC shares were trading at ₹100.80, becoming the top gainer among BSE Sensex stocks. This price level was last seen on February 25 this year.
Year to date, the stock is still down 27%. It has gained 30% in the last one month
The share has been on a rising spree since ONGC’s wholly-owned overseas arm ONGC Videsh Ltd (OVL) reported a “significant” strike of oil in its onshore block CPO-5 in Llanos Basin in Colombia.
