Assam Company surges 20% on pact with ONGC

MUMBAI: Shares of Assam Company India were locked at 20 per cent upper circuit after it entered into an agreement with ONGC for investment in the Amguri field for and on behalf of Government of India.

"In terms of GOI letter dated January 02, 2013, ACIL will operate with 40 per cent participating interest (PI) and ONGC will invest 60 per cent for PI for and on behalf of GOI in the operation of Amguri field," the company said in a filing to stock exchanges.

At 09:30 a.m.; Assam Company was at Rs 4.88, up 20 per cent, on the BSE. Over 8.41 lakh shares were traded in the counter against two-week average of 2.11 lakh shares.

There were 7.20 lakh pending buy orders in the stock and no sellers.

ONGC was at 349.10, up 1.47 per cent, on the BSE. It touched a high of Rs 349.80 and a low of Rs 345.50 in early trade.