Shares of ONGC hit more than 19-month high as the company has received the first instalment of $19 million from Venezuela’s state oil firm Petroleos de Venezuela towards recovering pending dividend.
Shares of Oil and Natural Gas Corp rose as much as 4.93 per cent to their highest since June 2015.
The stock was the top percentage gainer on the NSE index.
According to a senior company official, ONGC will also arrange $320-million loan to boost oil output from Venezuelan field.
ONGC will report December-quarter results later in the day.
Up to Monday’s close, the stock had risen nearly 34 per cent in the last 12 months.