MUMBAI, Jan 24 (Reuters) - Bank of America Merrill Lynch
upgraded its ratings on state-run producers Oil and Natural Gas
Corp (ONGC) and Oil India Ltd to "buy" from
"neutral", citing the prospect of an "imminent" hikes in
state-administered gas prices.
The oil ministry will soon send recommendations on a hike in
gas prices to the cabinet for consideration, a ministry source
told Reuters on Wednesday.
ONGC shares were up 2.9 percent as of 0409 GMT, while Oil
India shares were up 2.4 percent.
(Reporting by Rafael Nam; Editing by Sunil Nair)