{"id":"f-e550251d2f-21292980-aa7a-5ae4-8061-7f2f57967496","title":"ONGC, Oil India shares gain for fourth straight day on elevated crude prices","description":"While shares of both ONGC and Oil India have outperformed in the last three sessions, their returns over the last 12 months are in the negative.","timestamp":0,"category":"business","headline":"ONGC, Oil India shares gain for fourth straight day on elevated crude prices","modifiedHeadline":"ONGC, Oil India Shares Rise on High Oil Prices","subCategories":["scid_0f705da1"],"region":"IN","bundleMetaData":{"bundleId":"ece1ae3d-908e-48c7-9e53-a4aa910ee4db","bundleTitle":"Grow Your Money","cardData":null},"iabCategoryId":"68","fcSummary":"ONGC and Oil India shares rose due to rallying oil prices in global markets, reaching a 12-week high amid concerns about Iran protests and potential US intervention. Each $1 increase in crude oil prices could boost revenues for both companies by ₹300-400 crore.","summary":"ONGC & Oil India shares surge for the fourth day as crude prices rise. Despite recent gains, their yearly returns remain negative.","ctaUrl":"https://trends.glance.com/newz/Economy/IN/en/cnbc-tv18/f-e550251d2f-21292980-aa7a-5ae4-8061-7f2f57967496","sourceUrl":"https://www.cnbctv18.com/market/ongc-oil-india-shares-in-focus-as-oil-prices-continue-to-edge-higher-on-iran-concerns-19820496.htm","bannerImage":"https://g-mob.glance-cdn.com/public/fc/image/YE9FBvRalfU0.webp","content":"Shares of Oil & Natural Gas Corporation Ltd. (ONGC) and Oil India Ltd. gained as much as 2% on Wednesday, January 14, after oil prices continued to rally in the global markets. ONGC shares are trading with gains of close to 1%, Oil India shares are trading with gains on 1.6%.\n\n
\n
\n Both the stocks were already on a three-day winning streak. Shares of Oil India had risen 9.3% in the last three sessions, while those of ONGC were up 5.2% during this period.\n
\n
\n Oil prices in the global markets are at the highest level in 12 weeks with Brent Crude now trading close to the $66 per barrel mark. Concerns around protests in Iran and a possible US intervention are keeping prices at elevated levels. Prices had declined to multi-year lows just last month over potential easing of the Russia-Ukraine war.\n\n
\n
\n Every $1 per barrel rise in crude oil prices could benefit revenues of ONGC and Oil India between ₹300 crore to ₹400 crore.\n
\n
\n Both ONGC and Oil India's shares gained on strong volumes on Tuesday. ONGC saw 2.25 crore shares traded compared to its 20-day average of 83.4 lakh shares. Of this, 1.16 crore shares were marked for delivery. Oil India saw over 1.2 crore shares traded, significantly higher than its 20-day average of 16.2 lakh shares, of which, 60.5 lakh shares were marked for delivery as well.\n\n
\n
\n Shares of ONGC are trading 0.6% higher on Wednesday but have underperformed in the last 12 months with a 6.5% decline, while those of Oil India are trading 1.6% higher to ₹453.8. The PSU stock has declined 3.5% in the last 12 months as well.","readDurationInMinutes":"3","author":{"name":"CNBC TV18","logo":"https://glance-mob.glance-cdn.com/public/bubble/jpeg/ecc3d19b-fc52-4a39-881c-5b0936ae723b.jpeg"},"ism":false,"analyticsResponses":[{"measurementId":"383191425","type":"COMSCORE"}],"pointerSummary":["ONGC, Oil India shares rise as oil prices hit 12-week high amid Iran unrest.","Brent Crude nears $66/barrel; ONGC, Oil India revenue may gain ₹300-400 cr/$1 increase.","ONGC, Oil India shares trade higher, volumes surge, despite underperforming past year."],"tags":["ONGC","OilIndia","CrudeOilPrices","BrentCrude","StockMarket","ShareTrading","IranProtests","USIntervention","RussiaUkraineWar","Commodities","OilAndGas","BombayStockExchange","NSE"],"consent":true,"redirectionEnabled":false}

ONGC, Oil India shares gain for fourth straight day on elevated crude prices

SUMMARY