Following the release of the company’s Q1 earnings on Monday after market hours, the share price of Oil and Natural Gas Corporation (ONGC) opened over 4% higher on Tuesday.
The opening price of ONGC shares was Rs 314.80, which was more than 1% higher than the previous close of Rs 310.25. Despite this, the share price continued to rise in the morning session on Tuesday, reaching intraday highs of Rs 322.45 on the NSE, indicating gains of about 4% (3.93%). ONGC’s stock price was one of the Nifty-50 stocks that had the biggest gains.
ONGC’s net profit was around Rs 8938 crore, down 10.8% on an annual basis and 9% on a sequential basis. With Rs 35,266 crore in gross revenues, it increased 4.3% annually.
Crude oil sales in the first quarter of FY25 were 4.6mmt (million metric tons), down approximately 2% year on year, while gas sales were 3.8bcm (billion cubic meters), down nearly 6% yoy, flat sequentially.
As of 10:13 am, ONGC shares were trading 1.60% higher at Rs 315.20 on the NSE.
Disclaimer: The information provided in this article is for informational purposes only and should not be considered as financial advice. The data and figures presented are based on publicly available information and may be subject to change. Before making any investment decisions, it is recommended to conduct thorough research, consult with financial advisors, and consider your individual investment goals and risk tolerance. The author and publisher of this article do not assume any responsibility for any investment decisions made based on the information provided.