Share of ONGC rose 2.3 per cent to hit an intraday high of Rs 124.90 after the company reported a strong set of numbers for the quarter ended March 2021.
The company reported a standalone profit of Rs 6,734 crore for the quarter ended June 2021 against a loss of Rs 3,214 crore in the year-ago period. Gross revenue during the quarter declined 1.2 per cent to Rs 21,189 crore compared to the year-ago quarter.
The stock opened 1.14 per cent higher at Rs 123.40 against the previous close of Rs 122.05 on BSE. Market cap of the firm rose to 1,54,548.73 crore.
The share has delivered 51 per cent returns in the last 12 months and risen 32 per cent since the beginning of this year.
The share of PSU oil & gas major stands higher than 5 day, 10 day, 20 day, 50 day, 100 day, and 200-day moving averages.
For FY21, the profit declined 16.5 percent to Rs 11,246 crore and gross revenue fell 29.2 per cent to Rs 68,141 crore, compared to the previous year.
“Despite country-wide lock-down due to COVID-19 pandemic, ONGC has almost reached last year’s production levels in case of Crude oil from its operated blocks. The shortfall in Natural Gas production is primarily due to less offtake by customers due to the COVID-19 pandemic. This has resulted in production shortfall of Condensate and Value Added Products (VAP) as well,” the company said.
ONGC has declared a total of 10 discoveries during FY 2020-21 in its operated acreages. Out of these, 6 are prospects (1 in onland, 5 in offshore) and 4 are pools (2 in onland, 2 in offshore).
With the monetization of Ashoknagar-1 discovery, the Bengal basin became the eighth sedimentary basin of India from which hydrocarbon has commercially been produced. This has resulted in the up-gradation of Bengal basin to Category-I basin as per the new three-tier category -classification of sedimentary basins of India.
ONGC Board has recommended a final dividend of Rs. 1.85 per share. The Company had earlier declared an interim dividend of Rs. 1.75 per share during the year, taking the total dividend for FY21 to Rs 3.60 per share.