Sensex marks new highs; ONGC leads gains

Indian equity indexes hit all-time highs on Monday as Reliance Industries rallied after posting a record quarterly profit, while Oil and Natural Gas Ltd gained after saying it would buy a majority stake in Hindustan Petroleum Corp Ltd.

ONGC shares jumped as much as 6.3 percent to their highest in nearly a year after the explorer said it would buy a majority stake in state-run refiner HPCL for $5.8 billion, with analysts saying the premium paid was smaller than expected.

Meanwhile, Reliance gained as much as 2.5 percent after the company posted a record net profit in the third quarter after its telecoms business, Jio, turned in a profit for the first time.

ONGC shares jumped as much as 6.3 percent to their highest in nearly a year after the explorer said it would buy a majority stake in state-run refiner HPCL for $5.8 billion, with analysts saying the premium paid was smaller than expected.

Meanwhile, Reliance gained as much as 2.5 percent after the company posted a record net profit in the third quarter after its telecoms business, Jio, turned in a profit for the first time.

 

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