Mumbai: Defying the weakness in the broader market, shares of Oil and Natural Gas Corp surged by up to 2.5% in early trade on the Bombay Stock Exchange (BSE) on Monday, powered by an over two-fold jump in third quarter net profit.
The state-run oil & gas giant had reported an over two-fold jump in net profit to Rs7,083 crore for the quarter ended 31 December after market hours on Friday.
Bolstered by the smart numbers, ONGC’s shares opened on a robust note and went up by 2.5% to touch an early-high of Rs1,164 apiece on BSE.
In a similar fashion, the company’s scrip registered a 3.22% gain on the National Stock Exchange (NSE) Nifty index and was trading at Rs1,169.40 in the early part of the session.
Analysts said ONGC’s better-then-expected earnings lifted the investor sentiment and triggered buying in the stock.
The upsurge in ONGC’s counter was significant, as the broader benchmark Sensex was trading weak at 18,119.54, down 276.43 points from the previous close, at 09:58 am.