ONGC shares jump 5% on natural gas price hike hope

State-controlled oil & gas producer Oil and Natural Gas Corporation (ONGC) rallied more than 6 percent in early trade on Thursday on hopes for hike in natural gas prices.

DNA reported that the Ministry of Petroleum and Natural Gas on Wednesday proposed to double the price of gas to USD 8-8.5 per million metric British thermal unit (mmBtu) sometime this calendar year.

"The new price will also be applicable to gas from the Krishna-Godavari (KG) basin, produced by Reliance Industries (RIL), once its fixed five-year term expires by the end of March," the newspaper quoting media reports said.

ONGC rose 3 percent to Rs 343 at 9:44 hours IST while Oil India was up 2.33 percent to Rs 546 that jumped 4 percent in initial trade.

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