ONGC gains after robust Q3FY19 numbers

The company’s revenue from operations rose to Rs27,694cr from Rs22,995.88cr, but crude oil production dropped 4.8% while, gas output increase by 6.6%.

Feb 15, 2019 10:02 IST India Infoline News Service

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Shares of ONGC extended its early morning gains after the company reported a 65% increase in net profit to Rs8,262.70cr for the quarter ended December 31 compared to the same period of the previous year, with higher oil prices offsetting a fall in production.

The stock is among the top gainers on both the indices during Friday’s trade.

The company’s revenue from operations rose to Rs27,694cr from Rs22,995.88cr, but crude oil production dropped 4.8%, while gas output increased by 6.6%. The company’s written-off cost for exploratory increased by 79% yoy and 120% sequentially to Rs2,388.42cr during the quarter.

Oil & Natural Gas Corpn Ltd is currently trading at Rs139.90 up by Rs7.8 or 5.9% from its previous closing of Rs132.10 on the BSE. The scrip opened at Rs139 and has touched a high and low of Rs140.80 and Rs135.05 respectively.

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