January 24, 2013 / 5:04 AM / 5 years ago

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

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.

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

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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