 "ONGC hits fresh 52-week high on board nod for bonus issue; interim dividend")
Oil and Natural Gas Corporation (ONGC) hit a fresh 52-week high of Rs 297, up 2.4% on BSE, after the company announced that the board approved bonus issue in the ratio of 1:2 and an interim dividend of 90%.
“The board has recommended the issue of bonus shares in the proportion of 1 new equity share of Rs 5 each for every 2 existing equity shares of Rs 5 each fully paid up of the company, subject to the approval of the shareholders,” ONGC said in a statement.
The board also approved interim dividend of Rs 4.50 per equity share of Rs 5 each, for the financial year 2016-17. Payment of interim dividend shall start from November 07, 2016, it added.
ONGC has reported 6% year on year (YoY) jump in standalone net profit at Rs 4,975 crore for the quarter ended September 30, 2016 (Q2FY17), higher than an average analysts estimate of Rs 4,689 crore.
Total income from operations declined 10% to Rs 18,395 crore on YoY basis.
At 02:34 pm, the stock was up 1.4% at Rs 294, after hitting intra-day low of Rs 284, before announcement of Q2 results. A combined 12.05 million shares changed hands on the counter on NSE and BSE so far.
“The board has recommended the issue of bonus shares in the proportion of 1 new equity share of Rs 5 each for every 2 existing equity shares of Rs 5 each fully paid up of the company, subject to the approval of the shareholders,” ONGC said in a statement.
The board also approved interim dividend of Rs 4.50 per equity share of Rs 5 each, for the financial year 2016-17. Payment of interim dividend shall start from November 07, 2016, it added.
ONGC has reported 6% year on year (YoY) jump in standalone net profit at Rs 4,975 crore for the quarter ended September 30, 2016 (Q2FY17), higher than an average analysts estimate of Rs 4,689 crore.
Total income from operations declined 10% to Rs 18,395 crore on YoY basis.
At 02:34 pm, the stock was up 1.4% at Rs 294, after hitting intra-day low of Rs 284, before announcement of Q2 results. A combined 12.05 million shares changed hands on the counter on NSE and BSE so far.
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