State-owned Oil and Natural Gas Corp (ONGC) today surged an over 2 per cent in the early trade on the BSE, fuelled by two oil and gas discoveries made by the company in the Krishna-Godavari and Cambay basin yesterday.
Shares of the oil and gas giant started the day on a strong note even in the weak broader market and gained as much as 2.32 per cent to touch an early high of Rs 1,433 on the Bombay Stock Exchange.
The scrip was the top performer in the morning session on the 30-share barometer Sensex.
Meanwhile, the Sensex was trading in a negative terrain at 19,880.33, down 61.39 per cent from the previous close.
ONGC stocks saw a similar strength on the National Stock Exchange and rose up to 2.19 per cent to Rs 1,433.50 in the start of the trade.
Yesterday, ONGC made two discoveries in the Krishna- -Godavari and Cambay basin and notified to the Directorate General of Hydrocarbons (DGH) the gas find in well Vygreswaram Southwest-1 in K-G onshore.
The company said it has found the well proved 30 meter gas column on testing and produced gas at the rate of 75,000 cubic meters per day and 3 million cubic meters per day of condensate.
Shares of other oil and gas majors witnessed a mixed trend in the early session. While the index heavyweight RIL was down about 1 per cent, HPCL and IOC were trading higher by 0.67 per cent and 0.85 per cent, respectively. BPCL was also trading weak and was marginally down by 0.03 per cent.
