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Shares of Oil & Natural Gas Corporation Ltd. (ONGC) and Oil India Ltd. will be in focus on Wednesday, January 14, after oil prices continued to rally in the global markets.
Both the stocks are already on a three-day winning streak. Shares of Oil India have risen 9.3% in the last three sessions, while those of ONGC are up 5.2% during this period.
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.
Every $1 per barrel rise in crude oil prices could benefit revenues of ONGC and Oil India between ₹300 crore to ₹400 crore.
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.
Shares of ONGC ended 3.3% higher on Tuesday but have underperformed in the last 12 months with a 6.5% decline, while those of Oil India ended 5.6% higher at ₹449.5. The PSU stock has declined 3.5% in the last 12 months as well.
Both the stocks are already on a three-day winning streak. Shares of Oil India have risen 9.3% in the last three sessions, while those of ONGC are up 5.2% during this period.
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.
Every $1 per barrel rise in crude oil prices could benefit revenues of ONGC and Oil India between ₹300 crore to ₹400 crore.
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.
Shares of ONGC ended 3.3% higher on Tuesday but have underperformed in the last 12 months with a 6.5% decline, while those of Oil India ended 5.6% higher at ₹449.5. The PSU stock has declined 3.5% in the last 12 months as well.
