ONGC hits life-time high; up 2% after posting 142% surge in Q2 net profit

The stock had surged 47 per cent in Samvat 2079. So far in the calendar year 2080, the stock has rallied 41 per cent as against a near 7 per cent gain on the BSE Sensex.

Shares of Oil & Natural Gas Corporation (ONGC) hit a fresh life-time high at Rs 199.70 in opening trades of the special one-hour Muhurat Trading session on Sunday on the back of a solid 142 per cent jump in Q2 net profit.

At 06:17 PM, ONGC traded with a gain of 1 per cent at 198 on volumes of around 30,000 shares on the BSE. Meanwhile, the S&P BSE Sensex was up 0.5 per cent or 350 points at 65,252.

ONGC's consolidated net profit soared 142.4 per cent to Rs 16,553 crore in the second quarter of FY24, up from Rs 17,383 crore reported in the same quarter of the previous year. On a sequential basis, profit however was down 4.77 per cent.  

Gross revenue declined 12.9 per cent to Rs 1.46 lakh crore for the quarter ended September 2023 as against Rs 1.68 lakh crore in Q2FY23. 

ONGC produces over 1.26 million barrels of oil equivalent per day, contributing around 71 per cent  of India’s domestic production. It's wholly-owned subsidiary ONGC Videsh (OVL) is the biggest Indian multinational, with 35 Oil & Gas assets in 15 countries.

ONGC ended Samvat 2079, with a gain of 47 per cent. So far in the calendar year 2023, ONGC has soared over XXX per cent. In comparison, the benchmark index, the S&P BSE Sensex was up near about 7 per cent.