ONGC slips in volatile trade after poor Q4 result

ONGC slipped 0.35% to Rs 169.05 at 10:31 IST on BSE after net profit dropped 31.62% to Rs 4044.60 crore on 4.71% rise in total income to Rs 29008.74 crore in Q4 March 2019 over Q4 March 2018.

The result was announced after market hours yesterday, 30 May 2019.

Meanwhile, the S&P BSE Sensex was up 212.32 points, or 0.53% to 40,044.29

On the BSE, 3.68 lakh shares were traded in the counter so far compared with average daily volumes of 3.79 lakh shares in the past two weeks. The stock had hit a high of Rs 173.75 and a low of Rs 167.15 so far during the day.

ONGC got $61.93 for every barrel of crude oil it sold in the quarter, 3.6% lower than $64.27 per barrel realisation a year ago. Gas prices on GCV basis were 16.3% higher at $3.36 per million British thermal unit.

ONGC said total crude oil production fell 4.9% to 5.90 million tonne, but total gas output rose 7.9% to 6.558 billion cubic metre.

Maharatna ONGC is the largest crude oil and natural gas company in India, contributing around 70% to Indian domestic production. Crude oil is the raw material used by downstream companies like IOC, BPCL, and HPCL to produce petroleum products like Petrol, Diesel, Kerosene, Naphtha, and Cooking Gas-LPG.

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