ONGC stocks jump 9% on company clarification after fire

ONGC stocks jump 9% on company clarification after fire

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Raigad (Maharashtra) : Massive fire breaks out in a storm water drainage network at ONGC
Mumbai, Sep 5 (IANS) Shares of state-run Oil and Natural Gas Corporation (ONGC) jumped over 9 per cent on the BSE on Thursday after the company informed the exchanges that its fuel supplies would continue uninterrupted despite the massive fire at its Uran Oil and Gas Processing Plant that claimed four lives.
The fire broke out here on Wednesday.
The company in a regulatory filing said that the "offshore crude supply remains unaffected and the impact of fire in local vicinity is NIL".
ONGC also said that following the fire, gas processing was restricted to maintain supplies to internal power generation and also to meet the requirements of Mahanagar Gas Ltd, and the remaining gas was diverted to the other processing unit of the company at its Hazira plant .
"All out efforts were made to control the situation and fire was brought under control within a short span of time with the internal safety provisions aided by MARG (Mutual Aid Resource Group)," the filing said.
Three CISF fire personnel and ONGC's Resident Production Superintendent succumbed to fatal injuries sustained in the incident.
At 2.54 p.m., ONGC was trading at 5.21 per cent higher at Rs 125.25 apiece after surging as much as 9 per cent earlier in the day.

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