Oil PSUs Gain On Buzz Of Merger Proposal

Shares of state-owned oil companies were in focus today after news reports citing sources said that the Cabinet Secretariat has proposed to merge 13 PSU oil companies.  Upstream oil companies like ONGC and Oil India and downstream companies like HPCL, BPCL, Indian Oil, Mangalore Refinery and Petrochemicals (MRPL), Chennai Petro and Numaligarh Refinery are being considered for the merger, the reports said.  Shares of ONGC were up 1 ...