ONGC rallies on better-than-expected Q1 earnings
Firm crude oil prices and forex gains aid performance
Oil and Natural Gas Corporation (ONGC) has rallied 3.6% at Rs 289 on reporting a better-than-expected 48% year-on-year (yoy) jump in net profit at Rs 6,078 crore for the quarter ended June 2012, due to high crude oil prices and foreign exchange fluctuations. Revenues grew 24% at Rs 21,216 crore on yoy basis.
Meanwhile, the state-owned oil exploration company announced a huge oil discovery off the west coast, a move that will help the country cut its huge oil import bill and raise its sagging oil production. The new discovery was made in the currently producing D1 oilfield.
A combined around 260,000 shares have changed hands on the counter in opening deals on both the exchanges.