Shares of Oil and Natural Gas Corporation (ONGC) jumped today, May 12 after the government reduced crude oil royalty rates.
ONGC shares advanced 5.16% on Tuesday so far to Rs 295.5 apiece. The scrip was trading 3.74% higher by 9:46 a.m. The benchmark NSE Nifty 50 was down 0.72%.
The government has reduced onshore crude oil royalty rates for nominated blocks and pre-NELP production sharing contracts from 20% to 12.5%, while the royalty rate on natural gas has been reduced from 10% to 8%.
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