ONGC Shares Surge 8% to 52-Week High Ahead of Q3 Earnings Announcement

29 Jan 2024 , 03:35 PM

Oil and Natural Gas Corporation (ONGC) shares surged by 8% to reach a 52-week high of ₹253.40 ahead of the December quarter earnings announcement. The significant gain on Monday is the largest single-day increase for ONGC since March 2022.

Investor sentiments may have been boosted by a surge in crude oil prices, with Brent Crude rising from close to $75 a barrel to around $84.80 a barrel, partly due to concerns about supply disruption from Houthi attacks on oil tankers in the Red Sea.

Last week, ONGC announced that its board is scheduled to meet in February to approve the financial results for the October-December 2023 period.

Alongside quarterly results, the state-owned company will also declare a second interim dividend for its shareholders.

ONGC, engaged in the exploration and production of crude oil and natural gas, consists of business segments including exploration and production, as well as refining and marketing.

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