ONGC jumps after Bank of America upgrades the stock
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Shares of Oil and Natural Gas Corp (ONGC) appreciated 2.5% to Rs 454 on the BSE after Bank of America Merrill Lynch upgraded the stock to "buy" from "neutral".
BofA says it expects more gains from oil reforms than earlier and raises target price to 534 rupees from 466 rupees.
Further, ONGC gained from weakness in Brent crude, which is at a 16-month low of around $100.70 a barrel, after having posted its third weekly drop in four weeks.
The stock opened at Rs 447, touched a high of Rs 456 and a low of Rs 447 on the BSE. A total of 232,304 shares have been exchanged on the BSE so far.
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