Oil and Gas Companies Acquire On Monday

Oil and gas companies have been trading in a positive territory during the Monday’s trading session after LNG pricing formula renegotiation from Australia’s Gorgon project.

Oil and gas companies were trading in a positive territory all the way through the Monday’s trading session after LNG pricing system renegotiation from Australia’s Gorgon challenge.

India has renegotiated the pricing of a 20-yr contract to import liquefied natural Gas (LNG) from Australia’s Gorgon project, nearly two years after it struck a maintain Qatar to chop long-time period prices following sharp drop in spot costs.

S&P BSE oil and gas index was once trading up through 1.27% at 15289 levels on BSE at 0947 hours.

Gail (India) was the top gainer in the index, trading up by 4.10% at Rs 395 per share. The stock was once contributing majorly to the index gaining. The stock witnessed a spurt in extent via more than 1.07 times on Monday.

Petronet LNG, Reliance Industries, Hindustan Petroleum corporation and BPCL had been contributing more than 20 points each and every to the index gaining.

The stock of Petronet LNG was trading higher by nearly 4% intraday at Rs 232.85 per share. among others, Oil India was once trading up by means of 1.45% at Rs 318 per share, Hindustan Petroleum corporation was once trading higher by means of 1.41% at 317 per share, IGL used to be trading up by way of 1.22% at Rs 1391 per share and BPCL used to be buying and selling up with the aid of 1.118% at Rs 519 per share. Reliance Industries and IOC had been trading up by nearly 1%.

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