ONGC gains on plans to invest Rs 10,600 cr

Redevelopment of Mumbai High South at a cost of Rs 6,.069 crore and integrated development of Mukta, Bassein and Panna at Rs 4,620 crore

Shares of ONGC were up over 1% after the company said that it plans to invest over Rs 10,000 crore in the western region.

ONGC board has approved third phase of redevelopment of its prime Mumbai High South oil and gas field at a cost of Rs 6,069 crore and integrated development of Mukta, Bassein and Panna formations at an investment of Rs 4,620 crore, the company said in a release.

The Mumbai High South Redevelopment (Phase-III) "will lead to incremental gain of 7.547 million tonne crude oil and 3.864 billion cubic meter gas by 2030," the release added.

The stock opended at Rs 394 and touched a high of Rs 399. At 1:40PM, over 2.7 million shares were traded on both the stock exchanges.