India's ONGC, oil stocks gain on diesel hike proposal
MUMBAI Jan 10 (Reuters) - Shares in Oil & Natural Gas Corp rose as much as 3.6 percent on Thursday as part of a rally across oil companies after the oil ministry moved a proposal to raise diesel prices to the federal cabinet.
India's oil ministry has proposed to raise diesel prices by 1 rupee per month for 10 monhts and to increase the number of subsidised cylinders.
ONGC shares rose 3.1 percent as of 0416 GMT. Hindustan Petroleum Corp gained 2 percent, while Bharat Petroleum Corp rose 2.1 percent. Indian Oil Corporation was up 3.8 percent. (Reporting by Manoj Dharra and Rafael Nam; Editing by Sunil Nair)
- Tweet this
- Share this
- Digg this
- U.S. strikes have slowed Iraq militants but not weakened them - Pentagon
- Government urges court to leave some coal blocks with companies
- Japan and India vow to boost defence ties during summit
- Federer marches on as wild weather, upsets hit U.S. Open
- Pakistani protesters clash with police, soldiers secure state TV
The Nifty surged past the psychologically important 8,000 level for the first time on Monday as blue-chips such as ICICI Bank gained after better-than-expected quarterly economic growth data. Full Article
Government urges Supreme Court to not cancel some 'illegal' coal mines Full Article