ONGC zooms up

ONGC is doing well today. Though it opened lower at Rs.307.70 and even went down to an intra day low at Rs.304.55, the stock soon zoomed up to an intra day high at Rs.318.25.

The stock is up on news reports stating that the PSU is hopeful of finding oil reserves at its D1 block in Mumbai offshore and it is stated to potentially hold a large quantity of oil reserves. Though the exact quantity of oil is not yet known, ONGC is currently conducting well testing.