ONGC drops after weak result from OVL

ONGC fell 1.82% at Rs 323.30 at 14:44 IST on BSE after the company's wholly owned subsidiary ONGC Videsh declared weak result for the year ended 31 March 2015 after market hours yesterday, 25 May 2015.

Meanwhile, the S&P BSE Sensex was down 159.31 points or 0.58% at 27,484.57

On BSE, so far 88,220 shares were traded in the counter as against average daily volume of 4.78 lakh shares in the past one quarter.

The stock hit a high of Rs 330.30 and a low of Rs 323 so far during the day. The stock had hit a record high of Rs 472 on 9 June 2014. The stock had hit a 52-week low of Rs 301 on 27 March 2015.

India's largest oil & gas exploration firm by sales has equity capital of Rs 4277.74 crore. Face value per share is Rs 5.

ONGC's wholly owned subsidiary ONGC Videsh (OVL)'s net profit fell 57.16% to Rs 1904 crore on 14.63% decline in gross revenue to Rs 18491 crore in the year ended 31 March 2015 (FY 2015) over the year ended 31 March 2014 (FY 2014).

OVL attributed the decline in net profit in FY 2015 to lower oil prices, higher financing cost including exchange loss, higher depletion charge, and impairment provision in one of the assets.

ONGC's net profit fell 49.9% to Rs 3571.20 crore on 13.7% decline in total income to Rs 20302.02 crore in Q3 December 2014 over Q3 December 2013.

ONGC is India's largest oil and gas exploration firm by sales. The Government of India holds 68.94% stake in ONGC (as per the shareholding pattern as on 31 March 2015).

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