 "ONGC, Oil India, Cairn India gain on rise in crude oil prices")
Shares of oil exploration & production companies such as Oil and Natural Gas Corporation (ONGC), Cairn India and Oil India were trading higher by up to 6% on the BSE in the early morning trade on rise in crude oil prices.
Cairn India has rallied 6% to Rs 169, ONGC gained 3% to Rs 255, while Oil India up 2.5% to 455 on the BSE. The S&P BSE Sensex was trading flat at 26,926 at 09:23 am.
Global benchmark Brent crude rallied for a third straight day and closed above $50 a barrel the first time in a month. In post-settlement trade, it briefly jumped $3 after an industry group reported an unexpected weekly drop in U.S. crude stockpiles, the Reuters report suggests. 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.
All these three stocks have underperformed the market by falling in the range of 23% to 34% as compared to 2% decline in the Sensex till yesterday.
Cairn India has rallied 6% to Rs 169, ONGC gained 3% to Rs 255, while Oil India up 2.5% to 455 on the BSE. The S&P BSE Sensex was trading flat at 26,926 at 09:23 am.
Global benchmark Brent crude rallied for a third straight day and closed above $50 a barrel the first time in a month. In post-settlement trade, it briefly jumped $3 after an industry group reported an unexpected weekly drop in U.S. crude stockpiles, the Reuters report suggests. 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.
All these three stocks have underperformed the market by falling in the range of 23% to 34% as compared to 2% decline in the Sensex till yesterday.
