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Cairn, ONGC, Oil India gain on recovery in crude oil prices

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Press Trust of India Mumbai
Last Updated : Oct 07 2015 | 7:57 PM IST
Shares of oil companies today rose up to 5.3 per cent following recovery in crude oil prices.
Cairn India rose by 5.32 per cent, Oil & Natural Gas Corporation was up 3.99 per cent and Oil India Ltd gained 2.64 per cent on BSE.
Brent crude oil rose to USD 51 per barrel, giving strength to oil companies.
"Stocks of oil producers like ONGC, Oil India and Cairn India surged in the day on the back of today's rise in crude oil prices," said Hiren Dhakan, Associate Fund manager, Bonanza Portfolio Ltd.
Higher crude prices will result in higher realisation from sales for oil exploration companies and result in increased profitability.
Meanwhile, in the stock market the BSE Sensex ended at 27,035.85, up 102.97 points.

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First Published: Oct 07 2015 | 7:57 PM IST

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