ONGC shares leap over 2% after Q2 PAT surges 17% YoY to Rs 11,984 crore

Shares of the state-owned firm Oil & Pure Gasoline Company (ONGC) surged 2.3% to its intraday excessive of Rs 262.80 on the BSE after the corporate reported a 17% year-on-year rise in revenue to Rs 11,984 crore within the second quarter, aided by decrease levies.

Income for the July-September quarter fell 3.6% to Rs 33,881 crore on decrease oil costs.

The corporate realised a mean oil value of $78.33 per barrel from nominated fields throughout the second quarter, 7.7% decrease than $84.84 throughout the year-ago interval.

The common realisation from the three way partnership fields was $77.91, down 1.9% from a 12 months earlier. Pure fuel value remained unchanged at $6.5 per mmBtu.

The corporate has declared a dividend of Rs 6 per share and glued November 20 because the report date for its distribution.

The levies on its output fell 27% to Rs 7,829 crore within the second quarter from Rs 10,791 crore within the year-earlier interval as the autumn in crude oil value decreased the windfall tax burden.ONGC’s crude oil manufacturing clocked a 0.7% year-on-year rise within the second quarter. The fuel manufacturing, nonetheless, declined 2.1%.ONGC has made a discovery within the ultra-deepwater space of Cauvery offshore, the corporate mentioned in an announcement.
Forward of the earnings announcement, shares in ONGC closed 2% decrease on BSE at Rs 256.90 apiece on Monday when the benchmark Sensex ended almost unchanged. ONGC shares have misplaced 1 / 4 in three months as rising international provide cloud glut prospects for oil producers.

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