ONGC stock up by more than 2% today

15 Nov 2022 , 10:36 AM

After the oil explorer reported a standalone net profit of Rs 12,826 crore for the September quarter, shares of Oil and Natural Gas Corporation (ONGC) rose 3% in intraday trade on Tuesday in an otherwise range-bound market, hitting an over four-month high at Rs 143.20. (Q2FY23). The government-owned oil exploration and production business reported a profit of Rs. 18347.3 crore in the same period last year.

For the quarter, ONGC recorded earnings of Rs 38,321 crore. The price of crude oil was $95.5 per barrel. Realization was $72.2 per barrel after deducting windfall taxes. Gas realisation remained sequentially constant at $6.1/mmbtu (on GCV basis). EBITDA for the quarter fell by 27.5% QoQ to Rs 18,812 crore.

According to ONGC, the board recommended a 135 % interim dividend, or Rs 6.75 on each equity share worth Rs 5. The record date for dividend distribution has been set by the firm as November 22, 2022. ONGC traded 2% higher at Rs 142.50 at 09:27 a.m., while the S&P BSE Sensex fell by 0.21 %. The stock has outpaced the market over the previous month by rising 13% compared to the benchmark index’s 6.4% gain. Since July 1, 2022, ONGC was trading at its highest level.

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