ONGC up 3%, hits 4-month high post Q2 nos; board okays 35% interim dividend

Current trend in global oil & gas prices augurs well for ONGC, according to analysts.

Shares of Oil and Natural Gas Corporation (ONGC) hit an over four-month high at Rs 143.20, on gaining 3 per cent in Tuesday’s intra-day trade in an otherwise range-bound market after the oil explorer reported a standalone net profit of Rs 12,826 crore in September quarter (Q2FY23). The state-owned oil exploration & production company had posted profit of Rs 18,348 crore in a year ago quarter.

ONGC reported revenue at Rs 38,321 crore during the quarter. Gross oil realization stood at $95.5/bbl. Net of windfall tax, realization stood at $72.2/bbl. Gas realisation remained unchanged sequentially at $6.1/mmbtu (on GCV