ONGC and Oil India shares gained up to 1.7 per cent on Thursday as crude oil prices rose on the back of lower US oil inventories. The two stocks have gained 32-34 per cent from their March lows, as oil prices rebounded from under-$20 per barrel to over $40 now.
While market sentiment has improved and recovery in oil prices bode well for the state-owned oil and gas producers, investors need to be cautious. The March quarter (Q4) performance has been weak, and June quarter is likely to see the impact of Covid-19 disruption. For FY21 too, analysts don’t expect significant growth in ...
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