Oil & Natural Gas Corporation (ONGC), the national oil company of India, witnessed a sharp rise in share prices on Monday. The shares were buzzing in the trade today after the company said the oil production from Bay of Bengal will begin from 2019.

The peak output from oil discovery in Krishna Godavari basin block KG-DWN-98/2 or KG-D5 is estimated at 4.50 million tones a year, which is 20% higher than previous estimates. The block will be the first large oil production from the east coast with 10 gas discoveries.

Shares of the company are trading at Rs 418.90, up Rs 13.9, or 3.43% at the Bombay Stock Exchange (BSE) on Monday at 3:01 p.m. The scrip has touched an intra-day high of Rs 419.45 and low of Rs 402.55. The total volume of shares traded at the BSE is 269,115.