Oil and gas shares increase by two percent in afternoon trade

February 26th, 2010 - 3:13 pm ICT by ANI  

Mumbai, Feb 26 (ANI): Amidst the budgetary proceedings in Parliament, the shares of oil and gas companies on Friday gained by two percent in the afternoon trade in the Bombay Stock Exchange.

The 10-share Bombay Stock Exchange oil and gas index was the biggest gainer in the intra-day trade and added over two percent to 9,699.73 points in the afternoon trade.

Mukherjee in his Budget speech said, “The Kirit Parekh report on fuel price deregulation will be taken up by Oil Minister Murli Deora in due course.”

Reliance Industries shares increased by 2.25 percent to Rs 986. Essar Oil was trading 1.82 per cent higher, Gail India increased by 1.92 percent, Reliance Natural Resources Ltd increased by 2.11 percent and ONGC witnessed a growth of 0.43 per cent on the Bombay Stock Exchange.

The shares of Cairn India and Aban Offshore were, however trading in the negative direction in the afternoon trade.

Mukherjee said the government would continue doling out cash subsidy for fuel and fertiliser instead of bonds.

Meanwhile, the Bombay Stock Exchange index benchmark Sensex increased by 74 points in the opening trade on Asian cues.

Shares of oil and gas, Public Sector Units (PSUs), banking, capital goods and metal sectors were also in good demand, thereby supporting the Sensex. (ANI)

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