Morgan Stanley upgrades ONGC, HPCL
MUMBAI (Reuters) - Morgan Stanley raised its ratings on ONGC and HPCL to "overweight" from "equalweight", citing benefits from the recent government reforms on fuel prices.
The government last month allowed companies to raise diesel prices, reducing the sector's subsidy burden.
ONGC shares rose 0.5 percent as of 9:39 a.m., while HPCL shares were up 0.6 percent. (Reporting by Abhishek Vishnoi and Rafael Nam; Editing by Subhranshu Sahu)
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As well as making the lives of millions of middle class Indians easier, the sharp drop in Brent crude prices since June is a boon for Prime Minister Narendra Modi in his fight to revive an economy growing at its slowest rate since the 1980s. Full Article