ONGC gains after good Q4 results

ONGC rose 0.98% to Rs 175.65 at 9:23 IST on BSE after net profit rose 36.3% to Rs 5915.12 crore on 10.4% increase in net sales to Rs 23969.83 crore in Q4 March 2018 over Q4 March 2017.

The result was announced after market hours yesterday, 30 May 2018.

Meanwhile, the S&P BSE Sensex was up 120.88 points, or 0.35% to 35,026.99.

On the BSE, 55,000 shares were traded in the counter so far compared with average daily volumes of 5.74 lakh shares in the past two weeks. The stock had hit a high of Rs 178 and a low of Rs 175.15 so far during the day. The stock hit a 52-week high of Rs 212.90 on 25 January 2018. The stock hit a 52-week low of Rs 155.30 on 27 June 2017.

ONGC's net realisation for the quarter stood at $66.71 a barrel, compared to $54.91 a barrel during Q4 March 2017.

Meanwhile, the company's crude oil production, including condensate, dropped by 3% to 6.2 million tonne during the quarter under review, while during the same period last year, it produced 6.39 MT. The yearly production of crude oil also saw a marginal decline of 0.4%.

Overall gas production during the fourth quarter increased by 2.2% to 6.07 billion cubic meter (bcm), while it was seen at 5.94 bcm during the Q4 March 2017. For the entire financial year 2017-2018, the company's gas production increased by 5.8% to 24.61 bcm.

ONGC is engaged in oil and gas exploration. The Government of India held 67.72% stake in ONGC as per the shareholding pattern as on 31 March 2018.

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