| Flash floods and landslides unleashed by early monsoon rains have killed hundreds in Uttarakhand. Slideshow A worker examines the valve of a pump on an Oil and Natural Gas Corp (ONGC) well on Ahmedabad March 1, 2012. Credit: Reuters/Amit Dave/Files MUMBAI | MUMBAI (Reuters) - Shares in energy companies in India surged in trade on Friday after the government's approval of a hefty increase in gas prices is seen boosting earnings for producers such as ONGC and Reliance Industries. ONGC rose more than 10 percent, while Reliance gained 4.3 percent. Oil India gained more than 7 percent. Indicative pricing has suggested domestic gas prices could rise to $8.4-8.5 per mmBtu with the new mechanism, drawn up by a committee headed by C. Rangarajan, from a current $4.2 mmBtu. At 9:20 a.m., ONGC was trading up 7.8 percent, Oil India up 3.3 pct, while Reliance was up 3.6 percent. (Reporting by Abhishek Vishnoi; Editing by Anand Basu)
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Thursday, 27 June 2013
ONGC, RIL, Oil India rally after gas price hike approval - Reuters India
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