BofA-Merrill upgrades ONGC, Oil India to 'buy'

MUMBAI Thu Jan 24, 2013 10:29am IST

Engineers of Oil and Natural Gas Corp (ONGC) stand inside the Kalol oil field in Gujarat September 12, 2009. REUTERS/Amit Dave/Files

Engineers of Oil and Natural Gas Corp (ONGC) stand inside the Kalol oil field in Gujarat September 12, 2009.

Credit: Reuters/Amit Dave/Files

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MUMBAI (Reuters) - Bank of America Merrill Lynch upgraded its ratings on state-run producers Oil and Natural Gas Corp (ONGC) (ONGC.NS) and Oil India Ltd to "buy" from "neutral", citing the prospect of an "imminent" hikes in state-administered gas prices.

The oil ministry will soon send recommendations on a hike in gas prices to the cabinet for consideration, a ministry source told Reuters on Wednesday.

(Reporting by Rafael Nam; Editing by Sunil Nair)

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