 "Oil and gas shares rally on fuel reforms")
Shares of oil and gas companies have rallied by up to 7% in early morning deals on the bourses after government on Saturday de-regulated the price of diesel and announced a new price for domestically-produced natural gas.
Oil and Natural Gas Corporation (ONGC) and Oil India would be the biggest beneficiaries of diesel price deregulation and the gas price revision. With under recoveries disappearing in the case of diesel, ONGC is expected to gain the most, believe oil & gas analysts.
Oil marketing companies such as HPCL, BPCL and IOC would also be the beneficiaries following the new oil and gas reforms.
Among the individual stocks HPCL has rallied 7% to Rs 524, followed by BPCL (6% at Rs 705), IOC and ONGC (up 5% each at Rs 383 and Rs 417 respectively) and Oil India (3% at Rs 595).
At 0925 hours, the S&P BSE Oil and Gas index, the largest gainer among sectoral indices, has surged 2.3% or 237 points at 10,779 compared to 1.3% rise in benchmark S&P BSE Sensex.
Oil and Natural Gas Corporation (ONGC) and Oil India would be the biggest beneficiaries of diesel price deregulation and the gas price revision. With under recoveries disappearing in the case of diesel, ONGC is expected to gain the most, believe oil & gas analysts.
Oil marketing companies such as HPCL, BPCL and IOC would also be the beneficiaries following the new oil and gas reforms.
Among the individual stocks HPCL has rallied 7% to Rs 524, followed by BPCL (6% at Rs 705), IOC and ONGC (up 5% each at Rs 383 and Rs 417 respectively) and Oil India (3% at Rs 595).
At 0925 hours, the S&P BSE Oil and Gas index, the largest gainer among sectoral indices, has surged 2.3% or 237 points at 10,779 compared to 1.3% rise in benchmark S&P BSE Sensex.