Stocks in news: ONGC, Lloyds Metals, Canara Bank, Rays of Belief and GRSE
Oil and Natural Gas set out an expansion.
22 Sept 2026 · ET Stocks, Economic Times Markets
Indian stock markets closed higher on Monday, with the Nifty 50 and BSE Sensex gaining points. Several companies, including ONGC and Canara Bank, are expected to be active on Tuesday. ONGC announced a gas discovery in the Mahanadi Offshore Basin, while Canara Bank received a rating from Moody’s.
The analysis
Against that, the stock is -1.0% on the day at ₹221.99, and has returned -9.2% over three months. It sits 26% below its 52-week high, which means a good deal of bad news was already in the price. The oil & energy sector has moved +1.0% over the same period, so Oil and Natural Gas is running 10.2 points behind its peers.
This is a Capacity / capex event. Capacity added into a soft cycle compresses returns for the whole sector; added into a tight one it is the cheapest growth available. The cycle position matters more than the announcement. On the day the stock is -1.0%, so a modest reaction.
For Oil and Natural Gas, the question is how much of this is already reflected in the price and how much re-rates the oil & energy peer set alongside it.
Why it matters
- Capex decisions are a bet on future demand; the market rewards or punishes them on whether the returns look credible.
- With BSE involved, this carries a regulatory dimension that can outlast the immediate market reaction.
Market context
- The company directly in focus is ONGC.
- Sector exposure: Oil & Energy, Metals & Mining.
- The immediate tone of coverage reads positive.
In this story
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