 "Oil exploration shares gain; ONGC hits 52-week high")
Shares of companies engaged in oil exploration & production related business have rallied by up to 15% on the BSE in intra-day trade as oil prices surge 10% after the Organization of the Petroleum Exporting Countries (OPEC) agrees to cut output for first time since 2008.
Oil Country Tubular, GOL Offshore, Jindal Drilling & Industries, Global Offshore Services, Hindustan Oil Exploration, Aban Offshore, Selan Exploration Technology and Dolphin Offshore Enterprises (India) were up 5% to 15% on the BSE.
Oil & Natural Gas Corporation (ONGC) hit a 52-week high of Rs 299, up 3.5% in intra-day trade, while Oil India was up 3.8% to Rs 435 on the BSE.
The OPEC agreed on Wednesday its first oil output reduction since 2008 after de-facto leader Saudi Arabia accepted "a big hit" and dropped a demand that arch-rival Iran also slash output. The deal also included the group's first coordinated action with non-OPEC member Russia in 15 years, the Reuters report suggests. CLICK HERE TO READ FULL REPORT.
Higher crude prices will result in higher realisation for oil exploration and related business companies and result in increased profitability for them.
Oil Country Tubular, GOL Offshore, Jindal Drilling & Industries, Global Offshore Services, Hindustan Oil Exploration, Aban Offshore, Selan Exploration Technology and Dolphin Offshore Enterprises (India) were up 5% to 15% on the BSE.
Oil & Natural Gas Corporation (ONGC) hit a 52-week high of Rs 299, up 3.5% in intra-day trade, while Oil India was up 3.8% to Rs 435 on the BSE.
The OPEC agreed on Wednesday its first oil output reduction since 2008 after de-facto leader Saudi Arabia accepted "a big hit" and dropped a demand that arch-rival Iran also slash output. The deal also included the group's first coordinated action with non-OPEC member Russia in 15 years, the Reuters report suggests. CLICK HERE TO READ FULL REPORT.
Higher crude prices will result in higher realisation for oil exploration and related business companies and result in increased profitability for them.