ONGC Edges Lower After Reporting Profit Of Rs 6,734 Crore In March Quarter

Shares of ONGC were last trading 0.37 per cent lower at Rs 121.60 on the BSE.

Share price of Oil and Natural Gas Corporation (ONGC) edged lower by around one per cent on Friday, June 25, after the state-owned crude oil producer announced its January-March quarter results for the financial year 2020-21. On Friday, ONGC opened on the BSE at Rs 123.40, inching to an intra day high of Rs 124.90 and an intra day low of Rs 120.50, in the trading session so far. ONGC's net profit jumped to Rs  6,733.97 crore in the March quarter of fiscal 2021, according to a regulatory filing by the company to the stock exchanges.

ONGC reported a net profit of ₹ 1,258.12 crore in the corresponding quarter last year. The company's net realisation increased by 18.4 percent to $58.05 a barrel in the fourth quarter of fiscal 2021, compared to $49.01 a barrel in the year-ago period. This was due to rising oil prices amid the hope for recovery of demand after the decline of daily COVID-19 cases.

The company's board of directors recommended a final dividend of 1.85 per share or 37 per cent, which is 2,327 crore over and above the interim dividend of 1.75 per share or 35 per cent, according to its statement.

On the NSE, ONGC opened at Rs 122.95, registering an intra day high of Rs 124.95 and an intra day low of Rs 120.50, in the session so far. It was last trading 0.25 per cent lower at Rs 121.70 on the NSE.

Shares of ONGC were last trading 0.37 per cent lower at Rs 121.60 on the BSE.

ONGC is under the administration of the Ministry of Petroleum and Natural Gas and is the largest oil and gas exploration, production company in the country.