ONGC gains after subsidiary makes 2 new discoveries in Colombia, Brazil

ONGC rose 2.23% to Rs 141.70 after the company's subsidiary made two new discoveries in Colombia and Brazil.

ONGC Videsh, a wholly-owned subsidiary of ONGC, has recorded discoveries of oil in its onshore exploration block CPO-5, Colombia in the Llanos basin and major gas in the deep offshore exploration block BM-SEAL4, Brazil in the Sergipe Alagoas Basin.

ONGC Videsh holds 70% participating interest (PI) in CPO-5 block while it has 25% PI in BM-SEAL-4. The announcement was made after trading hours yesterday, 15 October 2019.

Meanwhile, the S&P BSE Sensex was up 110 points or 0.29% to 38616.01.

On the BSE, 13.42 lakh shares were traded in the counter so far compared with average daily volumes of 6.23 lakh shares in the past two weeks. The stock hit a high of Rs 141.8 and a low of Rs 138.3 so far during the day.

The stock hit a 52-week high of Rs 178.95 on 23 May 2019. The stock hit a 52-week low of Rs 115.55 on 04 Sep 2019.

On a consolidated basis, the oil and gas company's net profit declined 19.39% to Rs 6,693.61 crore on 0.77% fall in the net sales to Rs 109,514.82 crore in Q1 June 2019 over Q1 June 2018.

ONGC is the largest oil and gas exploration and production company in India in terms of production and reserves of oil and gas for the 2019 fiscal year according to the Ministry of Petroleum and Natural Gas.

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