Oil and Natural Gas Corporation's (ONGC) share price on Monday shot up 9 per cent to hit a month's high of Rs 297.40 in the morning trade on Bombay Stock Exchange (BSE) after the government announced a hike in fuel prices on Friday to ease pressure on theirmargins.
Other state-run oil companies, including Bharat Petroleum (BPCL), also saw heavy buying on BSE.
Shares of BPCL surged 8.29 per cent to touch a month's high of Rs 687 on BSE, while Hindustan Petroleum Corp Ltd (HPCL) gained 6.12 per cent to touch a one-month high of Rs 416.55.
Indian Oil Corp also saw buying interest, with the scrip shooting up 6.79 per cent to a month's high of Rs 360, while Oil India was trading higher by 6.24 per cent. GAIL (India) was trading in green too - up 2.03 per cent.
Led by gains in these stocks, the BSE Oil & Gas index was trading at 9,221.89, up 1.97 per cent and was the top performer among the sectoral indices.
The government on Friday increased diesel price by Rs 3 per litre, domestic LPG by Rs 50 per cylinder and kerosene by Rs 2 per litre, which would help the oil companies reduce their revenue loss by Rs 21,000 crore.
Other state-run oil companies, including Bharat Petroleum (BPCL), also saw heavy buying on BSE.
Shares of BPCL surged 8.29 per cent to touch a month's high of Rs 687 on BSE, while Hindustan Petroleum Corp Ltd (HPCL) gained 6.12 per cent to touch a one-month high of Rs 416.55.
Led by gains in these stocks, the BSE Oil & Gas index was trading at 9,221.89, up 1.97 per cent and was the top performer among the sectoral indices.
The government on Friday increased diesel price by Rs 3 per litre, domestic LPG by Rs 50 per cylinder and kerosene by Rs 2 per litre, which would help the oil companies reduce their revenue loss by Rs 21,000 crore.
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