Shares of oil exploration, equipment and services companies were trading higher on the bourses by up to 9% in otherwise subdued market on higher crude oil prices.
Aban Offshore surged 9% to Rs 238, while Jindal Drilling & Industries soared 6% to Rs 227 and Hindustan Oil Exploration by 5% to Rs 146 on BSE in intra-day trade. Oil India hit 52-week high of Rs 388, up 3% and Oil and Natural Gas Corporation (ONGC) up 1.5% on BSE. On comparison, the S&P BSE Sensex was down 0.06% at 34,423 points at 11:14 AM.
Higher crude prices will result in higher realisation for these oil exploration companies and result in increased profitability for them. Read More…
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