ONGC Shares Hit 52- Week High As Q1 Profit Doubles
The state-owned oil producer's consolidated net profit rose to Rs 17,3823 crore in the first quarter as overall expenses declined.
Shares of Oil and Natural Gas Corp. hit a 52-week high on Monday after its profit doubled in the June quarter.
The state-owned oil producer's consolidated net profit rose to Rs 17,3823 crore in the first quarter as overall expenses declined, according to an exchange filing on Friday.
Moreover, ONGC Videsh Ltd., the overseas arm of ONGC, has sought another three year extension to explore for oil and gas in a Vietnamese block in the contested waters of the South China Sea, according to a PTI report.
ONGC Q1 FY24 Highlights (Consolidated, YoY)
Revenue down 10% to Rs 1,63,824 crore.
Ebitda up 60% to Rs 30,106.8 crore.
Margin at 18% vs 10%.
Net profit doubles to Rs 17,383 crore.
Shares of ONGC rose 1.83% to an intraday high of Rs 180.45. It pared some gains to trade 0.54% higher at Rs 178.15 apiece, compared to a 0.64% decline in the benchmark NSE Nifty 50 at 10:35 a.m.
The total traded quantity so far in the day stood at 2.9 times the 30-day average volume. The stock's relative strength index stands at 66.64, indicating that the stock is neither overbought nor oversold.
Twenty-one out of the 29 analysts tracking ONGC maintain a 'buy' rating on the stock, four recommend a 'hold', and as many suggest a 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 5.4%.
