BofA-Merrill upgrades ONGC, Oil India to 'buy'

Bank of America Merrill Lynch upgraded its ratings on state-run producers Oil and Natural Gas Corp ( ONGC ) and Oil India Ltd to "buy" from "neutral", citing the prospect of an "imminent" hikes in state-administered gas prices.

The oil ministry will soon send recommendations on a hike in gas prices to the cabinet for consideration, a ministry source told Reuters on Wednesday.

ONGC shares jump 5% on natural gas price hike hope

OilMin for doubling gas price to $8-8.5 per mmBtu