Oil and Natural Gas Corporation (ONGC) is trading higher by 2% at Rs 274 after reporting a better-than-expected 2.8% year-on-year (yoy) jump in net profit at Rs 6,064 crore for the quarter ended September 30, 2013 (Q2FY14) even after paying record fuel subsidy. The state-owned oil and exploration firm had profit of Rs 5,897 crore in a year ago quarter.
The company’s net sales increased 12.8% yoy to Rs 22,312 crore, ONGC said in a statement.
Analyst on an average had expected net sales of Rs 21,897 crore and profit of Rs 5,881 crore for the quarter.
The company shared a subsidy burden of Rs 13,796 crore in Q2FY14, compared to Rs 12,622 crore in Q1FY14 and Rs 12,330 crore in Q2FY13.
The stock opened at Rs 274 and touched high of Rs 275 on the BSE. A combined 755,314 shares have changed hands on the counter till 1000 hours on BSE and NSE.
The company’s net sales increased 12.8% yoy to Rs 22,312 crore, ONGC said in a statement.
Analyst on an average had expected net sales of Rs 21,897 crore and profit of Rs 5,881 crore for the quarter.
The company shared a subsidy burden of Rs 13,796 crore in Q2FY14, compared to Rs 12,622 crore in Q1FY14 and Rs 12,330 crore in Q2FY13.
The stock opened at Rs 274 and touched high of Rs 275 on the BSE. A combined 755,314 shares have changed hands on the counter till 1000 hours on BSE and NSE.
