Shares of state-owned oil exploration & production companies – Oil Natural Gas Corporation (ONGC) and Oil India – rallied up to 10 per cent on the BSE in Wednesday’s intra-day trade as oil prices surged to their highest levels since 2014.

• Apollo Micro Systems Arm Opens 9,000-Tonne Explosives Plant
• Adani Energy Solutions Q2 Profit Surges 148%
• Mahindra Lifespace Shares Climb 5% After Q2 Results
• Amagi Media Labs Slips After Cyber Extortion Threat
• Bharat Electronics Shares Fall Over 2% Despite Rs 770 Crore Radar Deal

Brent crude oil prices extended gains as the conflict in Ukraine escalated, fanning fears of lower supply from the top oil exporter. Western countries have also slapped fresh sanctions on Russia in response to the invasion of Ukraine, and Russian President Vladimir Putin responded by putting his country’s nuclear deterrent on a high alert.

Brent futures rose nearly 5 per cent on Wednesday to top $110 a barrel-mark, their highest since 2014, as a global agreement to release crude reserves also failed to calm fears about supply disruptions from Russia’s invasion of Ukraine, media reported.