ONGC spurts on firm crude oil prices

ONGC jumped 5.79% to Rs 80.45, tracking recent firmness in Brent crude oil futures.

In the commodities market, Brent crude for January 2021 settlement was up 55 cents to $48.41 a barrel. The price is highest since early March 2020. The Brent crude has risen over 18% so far this month.

Higher crude oil prices could increase realizations from crude sales for oil exploration firms. Shares of ONGC have surged 23.86% so far in November 2020.

ONGC is India's largest integrated oil and gas company. ONGC is 60.41% owned by the Government of India (as on 30 September 2020).

The state-run oil major's consolidated net profit fell 19% to Rs 4335 crore on 17.7% decline in net sales to Rs 83,619.16 crore in Q2 September 2020 over Q2 September 2019.

 

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