Shares of oil marketing companies ONGC and HPCL rose on Wednesday on the Bombay stock Exchange after media report suggested that that the proposed deal between the two companies will be completed by the end of FY18. Riding high on merger buzz, shares of Oil & Natural Gas Corporation (ONGC) gained as much as 3.33 per cent to hit intra-day high of Rs 165.75 apiece on the Bombay Stock Exchange.
The stocks were currently trading at Rs 165.05 against previous close price of Rs 160.30. In a similar fashion, shares of the company were trading 2.93 per cent higher at Rs 164.95 apiece on the National Stock Exchange. Cheering the news, shares of Hindustan Petroleum Corporation Ltd (HPCL) advanced as much as 2.80 per cent to hit intra-day high of Rs 352.00 apiece on the Bombay Stock Exchange. The stocks were currently trading at Rs 351.50 against previous close price of Rs 341.95. Meanwhile, the broader benchmark BSE Sensex was trading at 31,738.32, down by 8.77 points, or 0.03 per cent, at 12:19 hours.