Shares of Oil and Natural Gas Corporation (ONGC) rallied 5.5 per cent, and registered a 32-month high at Rs 174.65 on the BSE in Friday’s intra-day trade on improved outlook due to rising oil prices. Higher oil realisations and modest production would spur up ONGC’s earnings before interest tax and depreciation and amortization (EBITDA) by 1.8x year-on-year (YoY) in October-December quarter (Q3FY22).
The stock of state-owned exploration & production company surpassed its previous high of Rs 172.80 touched on October 6, 2021. It traded at its highest level since May 2019.
Brent crude, the global benchmark, touched 90 dollars a barrel for the first time in seven years as rising political tensions between Ukraine and Russia added to concerns that supply could get even tighter.
