ONGC, Oil India shares gain on govt nod to hike kerosene price every month
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Shares of ONGC and Oil India gained on Wednesday after a business daily reported that oil companies got government nod to increase kerosene price by 25 paise every month till April 2017.
At 10.26 am, shares of Oil India were trading 3.47 per cent up at Rs 378.45. The scrip opened at Rs 372 and has touched a high and low of Rs 380.90 and Rs 372, respectively, in trade so far.
ONGC was trading 4.37 per cent up at Rs 237.70. Shares of the company opened at Rs 233.85 and has touched a high and low of Rs 241.30 and Rs 232.50, respectively, in trade so far. Benchmark index BSE Oil & Gas was up 1.03 per cent at 10,230.57.
For the quarter ended March 31, 2016, Oil India reported net profit of Rs 469.24 crore, down 14.95 per cent, against Rs 551.72 crore in the corresponding quarter a year ago.
Net profit of ONGC jumped 12.22 per cent year-on-year to Rs 4,416 crore from Rs 3,935.07 crore during the same quarters.
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