Morgan Stanley Upgrades ONGC, HPCL on Fuel Price Hike

February 5, 2013 5:08 AM GMT

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(Photo: Reuters)<br>Engineers of Oil and Natural Gas Corp (ONGC) work inside the Kalol oil field in Gujarat September 12, 2009.
(Photo: Reuters)
Engineers of Oil and Natural Gas Corp (ONGC) work inside the Kalol oil field in Gujarat September 12, 2009.

Morgan Stanley raised its ratings on ONGC and HPCL to "overweight" from "equalweight", citing benefits from the recent government reforms on fuel prices.

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The government last month allowed companies to raise diesel prices, reducing the sector's subsidy burden.

ONGC shares rose 0.5 percent as of 9:39 a.m., while HPCL shares were up 0.6 percent. 

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