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Morgan Stanley upgrades ONGC, HPCL

Source : REUTERS
Last Updated: Tue, Feb 05, 2013 04:24 hrs
Engineers of ONGC work inside the Kalol oil field in Gujarat

MUMBAI (Reuters) - Morgan Stanley raised its ratings on ONGC and HPCL to "overweight" from "equalweight", citing benefits from the recent government reforms on fuel prices.

The government last month allowed companies to raise diesel prices, reducing the sector's subsidy burden.

ONGC shares rose 0.5 percent as of 9:39 a.m., while HPCL shares were up 0.6 percent. (Reporting by Abhishek Vishnoi and Rafael Nam; Editing by Subhranshu Sahu)


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