 "ONGC, Oil India gain after oil hits 2016 high")
Shares of oil companies were trading higher by up to 4% after crude oil prices hit 2016 highs on Tuesday. Oil & Natural Gas Corporation (ONGC) has gained 4% to 222, followed by Oil India (3% at Rs 328), and Cairn India (2% at Rs 148) on BSE.
Crude oil prices hit 2016 highs on Tuesday on the back of a rally in the gasoline market and after an industry group reported a surprise draw in U.S. crude stockpiles, according to a Reuters report.
Brent and U.S. crude's West Texas Intermediate (WTI) futures finished regular trading about 3% higher, riding on the coattails of a gasoline rally that hit August highs after a series of refinery hikes, added report. CLICK HERE TO READ FULL REPORT.
Higher crude prices will result in higher realisation for these oil exploration companies and result in increased profitability for them.
Jindal Drilling & Industries (up 14% to Rs 156), Aban Offshore (8% to Rs 203), Selan Exploration Technology (4% at Rs 192) and Deep Industries (2% at Rs 167) are other companies which engaged in exploration & production business, rallied up to 14% as compared to 0.04% rise in the benchmark S&P BSE Sensex at 10:34 am.
Crude oil prices hit 2016 highs on Tuesday on the back of a rally in the gasoline market and after an industry group reported a surprise draw in U.S. crude stockpiles, according to a Reuters report.
Brent and U.S. crude's West Texas Intermediate (WTI) futures finished regular trading about 3% higher, riding on the coattails of a gasoline rally that hit August highs after a series of refinery hikes, added report. CLICK HERE TO READ FULL REPORT.
Higher crude prices will result in higher realisation for these oil exploration companies and result in increased profitability for them.
Jindal Drilling & Industries (up 14% to Rs 156), Aban Offshore (8% to Rs 203), Selan Exploration Technology (4% at Rs 192) and Deep Industries (2% at Rs 167) are other companies which engaged in exploration & production business, rallied up to 14% as compared to 0.04% rise in the benchmark S&P BSE Sensex at 10:34 am.