ONGC, Oil India surge up to 8% amid heavy volume on positive outlook

Analysts at Emkay maintain positive view on B2B oil & gas, as reforms wrt the USD75/bbl assured post windfall tax oil realization and the USD6.5/mmbtu gas realization are unlikely to change.

Shares of state-owned upstream companies Oil and Natural Gas Corporation (ONGC) and Oil India (OIL) rallied up to 8 per cent, amid heavy volumes, on positive outlook.

Shares of OIL surged 8 per cent to Rs 658.10, while ONGC rallied 6 per cent to Rs 275 on the BSE in Tuesday's intraday trade.

At 02:28 PM, these stocks were up 6 per cent as compared to 0.25 per cent rise in the BSE Sensex. Average trading volume on these counter jumped 1.5 times against their two-week average volume. 

Shares of ONGC had hit a 52-week high of Rs 292.95