Reliance, ONGC Surge After India Raises Gas Price: Mumbai Mover
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Reliance Industries Ltd. and Oil & Natural Gas Corp., India’s biggest energy explorers, led Indian stocks higher after the nation’s cabinet agreed to increase the price of natural gas.
Reliance rose as much as 5.2 percent to 873 rupees, headed for its steepest gain since Feb. 20, and traded 2.6 percent higher at 851.50 rupees as of 12:03 p.m. in Mumbai. ONGC surged as much as 10 percent and Oil India Ltd. 9.2 percent. The benchmark S&P BSE Sensex climbed 1.9 percent.