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ONGC zooms over 4 per cent on oil discovery in Gujarat

ONGC on Friday surged over 4 per cent on the Bombay Stock Exchange, after the state-run energy major made an oil discovery in western onshore basin in Gujarat.

twitter-logo PTI   Mumbai     Last Updated: August 27, 2010  | 15:15 IST

ONGC on Friday surged over 4 per cent on the Bombay Stock Exchange, after the state-run energy major made an oil discovery in western onshore basin in Gujarat.

Shares of Oil and Natural Gas Corp (ONGC) climbed 4.13 per cent to an early high of Rs 1,333.90 on BSE.

The scrip saw a similar movement on the National Stock Exchange, where it went up by 3.41 per cent to Rs 1,333.90 over the previous close.

Meanwhile, broader market Sensex was also trading flat at 18,235.64 points in afternoon trade.

ONGC said that exploratory well Vadatal-1 in Nelp Block CB-ONN-2004/2 in the Tarapur area of the western onshore basin was found to be oil-bearing and the well indicated a potential of 278 barrels per day.


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