ONGC shares surge on robust Q2

ONGC surged by 4% in morning trade after company reported 60% gains in second quarter.

State-owned Oil and Natural Gas Corp (ONGC) on Tuesday surged nearly 4 per cent in morning trade on bourses after it reported 60 per cent jump in net profit in the second quarter ended September.

ONGC announced the results on November 4,after market hours. Stock markets had remained closed on November 7,on account of Bakri-id.

Reacting to the numbers,shares of the company opened on a bullish note today and then surged further by 3.83 per cent to an early high of Rs 288.30 on the BSE.

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Similar movement was witnessed on the National Stock Exchange as well,where the stock after opening at Rs 286,jumped 4.06 per cent over its previous closing price to a high of Rs 288.05.

Net profit in the July-September quarter of ONGC stood at Rs 8,642 crore as against Rs 5,389 crore in the year-ago period. “The increase was mainly due to higher price realisation and lower fuel subsidy payout,” ONGC Chairman and Managing Director Sudhir Vasudeva had said commenting on the results on Friday.

Shares of the company,however,pared some initial gains and was trading at Rs 280.60,up 1.06 per cent on the BSE and at Rs 280.20,higher by 1.23 per cent on the NSE at 1120 hours.

ONGC got $116.94 for every barrel of crude oil produced in the second quarter as against $79.21 per barrel in the same period a year ago. After paying fuel subsidy,its net realisation was $83.70 per barrel against $62.75 a barrel in second quarter of last fiscal.

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