New Delhi, March 28 -- PSU stock Oil and Natural Gas Corporation (ONGC) has witnessed a sharp rally this month, surging 10%, amid a rebound in the Indian stock market after five months of back-to-back losses.

In today's trade itself, ONGC share price surged as much as 5% amid reports that Saudi Aramco is in talks to invest in two planned refineries in India.

According to a Reuters report, Aramco is in separate talks to invest in Bharat Petroleum Corp's planned refinery in the southern state of Andhra Pradesh and a proposed ONGC refinery in western Gujarat state, the sources said.

On a longer time frame of five years, ONGC has jumped 283%, turning into a multibagger stock. Global brokerage Jefferies sees further scope for growth in the ...