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Brent hits $70/barrel; ONGC, GAIL India gain

Updated : March 08, 2021 02:31 PM IST

GAIL India and Oil and Natural Gas Corporation (ONGC) are the top Nifty gainers today after Brent crude moves past the USD 70 per barrel mark, hitting a 14-month high.

Every USD 1 per barrel increase in crude prices increases the earnings per share (EPS) for ONGC by around 3-4 percent.

For GAIL also, it's a big positive because higher crude prices are positive for liquefied petroleum gas (LPG) sales and also for their gas trading business.

Watch accompanying video of CNBC-TV18’s Sonal Bhutra for more details.
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