ONGC And Oil India’s share prices saw an increase of up to 4% on Friday morning. This fast is seen at a time when the entire market is red due to Israel-Iran struggle. Iran-Israel War has increased crude oil prices. Its direct impact has been seen in the shares of ONGC and Oil India. ONGC shares remain at the top of 50 shares in terms of boom. Today the Indian benchmark index Sensex and Nifty-50 have fallen by more than 1.5%.
Effect of rising crude oil prices on ONGC, Oil India
Upstream oil producers like ONGC and Oil India are benefiting from rising crude oil prices. However, this increase in crude oil prices will not be favorable for many other companies. Dr. V.K. Vijaykumar said, “The economic results of this Israeli attack may deepen, if the attack by Iran and the counter attack lasts for a long time. Israel has announced that the operation will last several days. Brent crude prices have increased by about $ 12% to $ 78 per barrel. If Iran will be badly affected in response. Vijayakumar further said that areas where oil derivatives are used as inputs, such as aviation, paint, tires, will be strictly hit. At the same time, oil producers like ONGC and Oil India will remain strong.
ONGC, Oil India shares fluctuate
Oil and Natural Gas Corporation or ONGC shares opened at ₹ 255.55 on the National Stock Exchange on Friday, which was more than ₹ 247.88 to 3% of the previous day’s closed price. The ONGC share went up to a high of ₹ 255.9 in Intrade. Oil India shares opened at ₹ 480 today against the previous shutdown of Rs 468 and reached an high level of ₹ 486 in Intrade, which means that the stocks of Oil India increased by about 4% in intraday deals today.
Latest business news
