ONGC gains after announcing good Q4 results

ONGC rose 0.88% to Rs 218.60 at 9:25 IST on BSE after net profit rose 12.22% to Rs 4416.11 crore on 15.42% decline in total income to Rs 19776.70 crore in Q4 March 2016 over Q4 March 2015.

The result was announced at the fag end of the trading session yesterday, 26 May 2016. The stock had risen 3.09% to Rs 216.70 yesterday, 26 May 2016.

Meanwhile, the S&P BSE Sensex was up 152.66 points or 0.58% at 26,519.34.

On BSE, so far 89,178 shares were traded in the counter as against average daily volume of 6.78 lakh shares in the past one quarter. The stock was volatile. The stock hit high of Rs 219 annd low of Rs 216.so far during the day.

ONGC's net profit fell 9.75% to Rs 16003.65 crore on 4.14% decline in total income to Rs 84584.99 crore in the year ended 31 March 2016 over the year ended 31 March 2015.

In terms of the decision of the Government of India, the company shared under-recoveries of oil marketing companies (OMCs) amounting to Rs 1096 crore for the year ended March 2016 (FY 2016) by allowing discount in the prices of crude oil based on the rates of discount communicated by Petroleum Planning and Analysis Cell (PPAC). The discount was sharply lower than Rs 36300 crore in the year ended 31 March 2015 (FY 2015). The impact on net profit was Rs 607 crore in FY 2016 as compared to Rs 20437 crore in FY 2015.

ONGC's consolidated net profit fell 22.96% to Rs 14123.80 crore on 16.63% decline in total income to Rs 139364.35 crore in the year ended 31 March 2016 over the year ended 31 March 2015.

ONGC said that the board of directors recommended a final dividend of Rs 3.25 per share for the year ended 31 March 2016 (FY 2016).

ONGC is India's largest oil and gas exploration firm by sales.

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