ONGC shares jump as much as 10.1%, while RIL shares gain 5.12%
Mumbai: Shares in vigor associations in India surged in right on time exchange on Friday after the administration's regard of a weighty expand in gas costs is seen boosting income for makers, for example Oil and Natural Gas Corp. Ltd (Ongc) and Reliance Industries Ltd (Ril).
Ongc climbed to the extent that 10.1%, while Ril picked up 5.12%.
Characteristic valuing has inferred household gas costs could ascent to $8.4-8.5 for every mmbtu with the new system, drawn up by a board headed by C. Rangarajan, from a present $4.2 mmbtu.
Ongc hopes to include about Rs.8,000 crore in benefits every twelve-months by virtue of the increment in gas costs, its fund head said on Friday.
"We might as well see this increment gave different things continue as before and there are no conditions connected," Ongc account executive Aloke Banerjee said via phone.
Ongc picks up about Rs.2,000 crore for each $1 for every mmbtu build in gas costs, he said. The association reported a net benefit of Rs.3,389 crore for the final quarter finished March.
Imparts of Ongc were exchanging up 7.38% at Rs.344.20 at 9:22am on Bse on Friday, Ril was up 3.9% to Rs.862.75, while the broader benchmark Sensex was 1.55% to 19,168.70.
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