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Oil and Gas companies gain on Monday

Oil and Gas companies were trading in a positive territory during the Monday’s trading session after LNG pricing formula renegotiation from Australia’s Gorgon project.

India has renegotiated the pricing of a 20-year contract to import liquefied natural gas (LNG) from Australia’s Gorgon project, nearly two years after it struck a deal with Qatar to cut long-term prices following sharp drop in spot prices.

S&P BSE oil and gas index was trading up by 1.27% at 15289 levels on BSE at 0947 hours.

Gail (India) was the top gainer in the index, trading up by 4.10% at Rs 395 per share. The stock was contributing majorly to the index gaining. The stock witnessed a spurt in volume by more than 1.07 times on Monday.

Petronet LNG, Reliance Industries, Hindustan Petroleum Corporation and BPCL were contributing more than 20 points each to the index gaining.

The stock of Petronet LNG was trading higher by nearly 4% intraday at Rs 232.85 per share. Among others, Oil India was trading up by 1.45% at Rs 318 per share, Hindustan Petroleum Corporation was trading higher by 1.41% at 317 per share, IGL was trading up by 1.22% at Rs 1391 per share and BPCL was trading up by 1.118% at Rs 519 per share.  Reliance Industries and IOC were trading up by nearly 1%.