ONGC bucks weak market trend

ONGC was up 1.58% to Rs 163.60 at 10:55 IST on the BSE on reports that the company has discovered over 230 million tonnes of in-place oil reserves in the last three years.

Meanwhile, the S&P BSE Sensex was down by 144.42 points, or 0.36% to 39,542.08.

On the BSE, 99,000 shares were traded in the counter so far compared with average daily volumes of 2.70 lakh shares in the past two weeks. The stock had hit a high of Rs 167 and a low of Rs 161.55 so far during the day. It hit a 52-week high of Rs 185 on 24 September 2018 and a 52-week low of Rs 127.90 on 14 February 2019.

ONGC has discovered over 230 million tonnes of in-place oil reserves in the last three years, Petroleum Minister Dharmendra Pradhan reportedly said on Monday, 1 July 2019. In a written reply to a question in the Lok Sabha, he said ONGC as on 1 April 2019, has in place oil reserves of 459.84 million tonnes. These reserves are spread over 16 assets it currently extracts oil from, he said.

Meanwhile, ONGC announced after market hours yesterday, 1 July 2019, that it signed an MoU with Indian Oil Corporation (IOC) for Co2 based Enhanced Oil Recovery (EOR) by injecting Co2 captured from IOC's Koyali refinery. The MoU is aimed to establish a framework for mutually beneficial cooperation in the area of Co2-EOR as a mode of CCUS. The common objective is to address some of the biggest challenges of our country in particular & world at large, namely energy security and climate change.

ONGC's net profit fell 31.6% to Rs 4044.60 crore on a 11.6% rise in the net sales to Rs 26758.46 crore in Q4 March 2019 over Q4 March 2018.

ONGC is an integrated oil and gas company of India.

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