MUMBAI 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)
Trending On Reuters
The double-digit stock market gains of pharmaceutical giants including Dr. Reddy's Laboratories and Wockhardt stand out in stark relief to the dismal performance of other Asian emerging-market stocks this year. Full Article