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ONGC gains over 2% on new oil and gas discovery

Shares of the oil and gas giant started the day on a strong note and gained as much as 2.32 per cent to touch an early high of Rs 1,433 on BSE.

twitter-logoPTI | September 23, 2010 | Updated 12:22 IST

State-owned Oil and Natural Gas Corp (ONGC) on Thursday surged over 2 per cent in early trade on the Bombay Stock Exchange (BSE), fuelled by two oil and gas discoveries made by the company in the Krishna-Godavari and Cambay basin on Wednesday.

Shares of the oil and gas giant started the day on a strong note, even in the weak broader market, and gained as much as 2.32 per cent to touch an early high of Rs 1,433 on BSE.

The scrip was the top performer in the morning session on the 30-share barometer Sensex.

Meanwhile, Sensex was trading in a negative terrain at 19,880.33, down 61.39 per cent from the previous close.

ONGC stocks saw a similar strength on the National Stock Exchange and rose up to 2.19 per cent, to Rs 1,433.50, in the start of the trade.

ONGC had on Wednesday made two discoveries in the Krishna-Godavari and Cambay basin and notified to the Directorate General of Hydrocarbons (DGH) the gas find in Vygreswaram Southwest-1 well in K-G onshore.

Shares of other oil and gas majors witnessed a mixed trend in the early session. While the index heavyweight RIL was down about 1 per cent, Hindustan Petroleum Corporation Ltd and Indian Oil Corporation were trading higher by 0.67 per cent and 0.85 per cent, respectively. Bharat Petroleum Corporation Ltd was also trading weak and was marginally down 0.03 per cent.

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