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ONGC soars to a 32-month high, up 5% on improved outlook

Higher oil realisations and modest production would spur up ONGC's earnings before interest tax and depreciation and amortization (EBITDA) by 1.8x in the October-December quarter.

oil, oilfield, exploration, prices, petrol, crude oil, drill, natural gas, production, ongc, vedanta, cairn
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SI Reporter Mumbai
Shares of Oil and Natural Gas Corporation (ONGC) rallied 5.5 per cent, and registered a 32-month high at Rs 174.65 on the BSE in Friday’s intra-day trade on improved outlook due to rising oil prices. Higher oil realisations and modest production would spur up ONGC’s earnings before interest tax and depreciation and amortization (EBITDA) by 1.8x year-on-year (YoY) in October-December quarter (Q3FY22).

The stock of state-owned exploration & production company surpassed its previous high of Rs 172.80 touched on October 6, 2021. It traded at its highest level since May 2019.

Brent crude, the global benchmark, touched 90

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First Published: Jan 28 2022 | 10:42 AM IST

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