ONGC shares rally 6% after govt cuts crude oil royalty; CLSA explains why it’s a big boost
- Posted on May 12, 2026
- By Business News Today
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- 1 min read
ONGC shares rally 6% after govt cuts crude oil royalty; CLSA explains why it’s a big boost
ONGC shares surged 6% after CLSA termed the governments decision to cut crude oil and natural gas royalty rates a major positive for upstream producers. The brokerage said the move could raise ONGCs fair value by 7-9% and Oil Indias by 9-11%. Oil India shares also gained 7.5%, while CLSA maintained a ‘High Conviction Outperform rating and Rs 405 target price.
