ONGC jumps on fuel price hike

The ONGC scrip rose 7 per cent to close at Rs 1,126.45 on fuel price hike. The government raised the price of petrol by Rs 4 a litre and diesel by Rs 2 after market hours on July 1. Following the hike, experts believe that the ONGC's subsidy burden for the current year would reduce if the crude prices stay at around $70 a barrel. The stock opened at Rs 1,081.1 and made a high of Rs 1,155.7 and a low of Rs 1,076.1. The total traded volumes stood at 1.9 million shares (around 4 times its two-week average).