Morgan Stanley has raised its ratings on Oil and Natural Gas Corporation (ONGC) and Hindustan Petroleum (HPCL), citing benefits from the recent government reforms on fuel prices.
According to a Reuters, the foreign fund house has upgraded the state-owned oil marketing companies to 'overweight' from 'equalweight'.
The government had on January 17 decided to move towards
deregulating or freeing diesel prices from state control and gave powers to state-owned oil firms to raise prices in small measures every month till all of their losses are wiped out.
Shares of ONGC ended the day's trade 0.15 per cent lower at Rs 325.05, while those of
HPCL ended the day 0.67 per cent higher at Rs 331.15.
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