Govt decisions power oil & gas firm scrips

Oil and gas stocks on Friday gained as much as 5 per cent after the government in a bid to attract investments in the sector announced a slew of reforms including a new pricing formula for undeveloped gas discoveries in difficult areas. 

Shares of Cairn India surged 4.58 per cent, Petronet LNG was up 1.01 per cent, Oil India (0.45 per cent) and Reliance Industries Ltd (0.36 per cent) on BSE. The BSE oil and gas index too rose by 0.50 per cent to end at 8,746.37.