New Delhi: State-run Oil and Natural Gas Corp gained nearly 2.5 per cent to Rs 454 on the BSE after Bank of America Merrill Lynch upgraded the stock to "buy" from "neutral".
At 12:29 pm, the stock was trading at Rs 452.55, up 2.27 per cent.
BofA has raised the target price of the stock from Rs 466 to Rs 534 due to gains from oil reforms.
ONGC also gained from weakness in Brent crude, which is at a 16-month low of around $100.70 a barrel, after having posted its third weekly drop in four weeks
