Coal News We love to talk!
Oil and gas stocks, led by index heavyweight RIL, on Tuesday soared by up to 6 per cent on the bourses amid falling crude oil prices.
Shares of RIL settled 2.58 per cent up at Rs 737.25 on the BSE. ONGC was up 1.67 per cent at Rs 267.60.
Among others, Gail India moved up by 2.66 per cent and OIL India gained 1.47 per cent.
Besides, oil marketing companies, too, rallied with HPCL gaining 6.36 per cent, BPCL rose by 1.84 per cent and IOC went up by 3.46 per cent.
"PSU oil marketing companies surged on reports that government is likely to raise prices of diesel and cooking gas shortly, said Mr Shanu Goel, Research Analyst, Bonanza Portfolio.
Following the gains in these stocks, the BSE oil and gas stocks ended 2.14 per cent up at 7,921.27.
Brent crude oil is currently trading at $95.58 per barrel.
A fall in global crude prices would result in lower import bill for the domestic entities, which increases their profit.
- Crude oil, natural gas production rises in Feb Read more
- Bangladesh and India decide on inter-connection line Read more
- Petroleos de Venezuela SA seeks $1bn credit before it releases $537mn-dividend to ONGC Read more
- Decision to hike gas price was necessary to attract investments: Government Read more
- States' petro revenues surpass Centre's 1st time Read more
- Nod to award 5 more oil & gas blocks Read more
- Centre backs Assam's claim on crude royalty Read more
- Over 56 hours on, ill-equipped workers struggle to contain oil spill off Ennore port Read more
- GAIL not keen on pact with Iranian companies: Oil Minister Dharmendra Pradhan Read more
- ONGC Videsh eyes oil & gas blocks in Colombia Read more