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Oil and Natural Gas Corporation’s (ONGC) share increased by 2.3 per cent to strike an intraday high of around Rs 124.90. The company have put a strong set of numbers for the quarter that concluded in March 2021.
According to reports, the company claimed a profit of around Rs 6,734 crore for the quarter that ended in June 2021 against a loss of Rs 3,214 crore in the previous year. ONGC’s gross revenue during the quarter fell by 1.2 per cent to Rs 21,189 crore when compared to the previous year quarter.
The stock of the company commenced 1.14 per cent higher at Rs 123.40 against the previous close of Rs 122.05 on BSE. Its market cap increased to Rs 1,54,548.73 crore. The share have provide around 51 per cent returns in the past 12 months and surged up by 32 per cent since the beginning of the year.
The share of PSU oil & gas major posed higher than 5 day, 10 day, 20 day, 50 day, 100 day, and 200 day moving averages.
In the FY21, the company’s profit fell by 16.5 per cent to Rs 11,246 crore. It’s gross revenue declined by 29.2 per cent to Rs 68,141 crore when compared with the past year.
The company stated that despite country wide lockdown due to the COVID 19 pandemic, ONGC has almost reached last year production levels in case of crude oil from its operated blocks. Furthermore, it explained that the shortfall in Natural Gas production is primarily due to less offtake by the customers due to the pandemic. “This has resulted in production shortfall of Condensate and Value added product as well,” it added.
During the FY 2020-2021, ONGC has disclosed around 10 discoveries in the their operated acreages. Among these discoveries, 6 are prospectus (1 in onland, 5 in offshore) and 4 are pools (2 in onland, 2 in offshore).
As per reports, following the monetization of Ashoknagar-1 discovery, the Bengal basin became the eighth sedimentary basin of India from where hydrocarbon has been commercially produced. This phenomenon have led to the upgradation of Bengal basin to Category I basin according to the new three-tier category-classification of sedimentary basin of India.
As far as the reports are concerned, ONGC Board has put forward an ultimate dividend of Rs 1.85 per share. Earlier, the company revealed that an interim dividend of nearly Rs 1.75 per share during the year leading the total dividend for FY21 to Rs 3.60 per share.