ONGC rises 3% on reports of oil discovery in KG basin

Shares of ONGC rallied 3 percent intraday on Thursday after reports indicated it has found rich reserves in KG basin block with reserves seen at 100mt which is four times earlier than estimates. 

According to the report, "Oil was struck in three out of six appraisal wells drilled in the block." Also read: Bajaj Auto jumps 3% on September quarter performance
ONGC has consistently missed its production targets over the last five years despite a healthy reserve replacement ratio (1.84 in FY13) due to project delays and most new finds being in difficult terrain.
At 11:44 hrs the stock was quoting at Rs 282.00, up Rs 7.30, or 2.66 percent on the BSE.