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ONGC profits soar, stocks rise
Everything seems to be going the right way for the nation's largest energy explorer. On Saturday the Oil and Natural Gas Corporation (ONGC) announced its first quarter report. As per the report 60.8 billion rupees ($1.1 billion), or 7.10 rupees a share, in the three months ended June 30. The gains were mainly attributed to the gains in the rupee value as against the dollar.
Monday morning trading was brisk at the Nifty. As per reports in the ET, 'ONGC rose over 3 per cent to Rs 290.65 in early trade after the state-owned company reported a 48 per cent YoY jump in June quarter net profit to Rs 6,077.70 Cr.'
Again on Saturday ONGC informed that a huge oil base was discovered off the West Coast. The huge deposits are sure to boost the sagging oil output and aid the nation by saving dollar purchases. ONGC made the mention of the find in a statement released on Saturday. It said the fresh deposits “will catapult D1 to become the third largest field in western offshore after prolific Mumbai High and Heera”
At the moment everything seems to be on the positive trends at the ONGC head quarters and must be the ideal time for investors. (With inputs from internet-AW AarKay)
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