Mumbai: State-owned Oil and Natural Gas Corp (ONGC) Tuesday surged nearly 4% in morning trade on bourses after it reported 60% jump in net profit in the second quarter ended September.
ONGC announced the results on 4 November, after market hours. Stock markets had remained closed on 7 November, on account of Bakri-id.
Reacting to the numbers, shares of the company opened on a bullish note Tuesday and then surged further by 3.83% to an early high of Rs 288.30 on the Bombay Stock Exchange (BSE).
An ONGC plant. Photo: Bloomberg
Similar movement was witnessed on the National Stock Exchange (NSE) as well, where the stock after opening at Rs 286, jumped 4.06% 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 realization and lower fuel subsidy payout,” ONGC chairman and managing director (MD) Sudhir Vasudeva had said commenting on the results on Friday.
Shares of the company, however, pared some initial gains and were trading at Rs 280.60, up 1.06% on the BSE and at Rs 280.20, higher by 1.23% on the NSE at 11:20 am.
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 realization was $83.70 per barrel against $62.75 a barrel in second quarter of last fiscal.