Shares of country's largest oil and gas production and explorer company Reliance Industries surged over 5 per cent in early trade on Bombay Stock Exchange (BSE) after the Cabinet Committee of Economic Affairs (CCEA) agreed to raise gas prices to USD 8.4/mmbtu, effective April 2014, for a period of five years.
The analyst estimated that hike is positive for upstream companies such as Reliance Industries, ONGC, and Oil India.
Cheering the news, shares of company gained as much as 5.13 per cent to trade at Rs 873.00 a piece on the BSE.
In a similar fashion, shares of the company spurted 856.00 per cent to Rs 3.13 a piece on National Stock Exchange.
Meanwhile, the broader benchmark Sensex was quoting at 19,162.43, up 286.42 points or 1.52 per cent at 10:02 hours.