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ONGC to regain top profit slot from RIL

Oil and Natural Gas Corporation (ONGC) is set to regain its tag of the country’s most profitable company, which it had lost to Reliance Industries Ltd (RIL) during financial year 2010-11. RIL on Friday declared a net profit of Rs 20,040 crore for the 2011-12, a marginal drop from the Rs 20,286 crore it made in 2010-11. Government owned-ONGC, the country’s biggest oil producing company, had already made net profit of Rs 19,478 crore during the first three quarters of 2011-12. This ONGC profit was in spite of giving Rs 30,296 crore towards compensating the losses of government oil ...