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BUZZ-India's ONGC gains on approval for HPCL stake buy
July 20, 2017 / 6:14 AM / 4 months ago

BUZZ-India's ONGC gains on approval for HPCL stake buy

** Shares of Oil and Natural Gas Corp Ltd rise as much as 2.98 pct to highest since June 21

** Hindustan Petroleum Corp Ltd down as much as 5.2 pct

** India approved ONGC’s plan to buy 51.1 pct stake in state-refiner Hindustan Petroleum, but deal terms yet to be finalised

** ONGC Chairman Dinesh K. Sarraf said the oil explorer would not be required to make an open offer to buy HPCL’s shares from the market

** Consequently, hope of tendering shares at a premium has been dashed, a trader says

** ONGC shares on track to post fourth straight session of gains

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