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ONGC scrip gains 2 percent after Q1 results

Posted on Aug 14 2014 | IANS

Mumbai, Aug 14 : Shares of state-run explorer Oil and Natural Gas Corp Thursday rose 2 percent after the company posted a 19 percent rise in net profit for the June quarter.

ONGC's stock closed Thursday with a gain of 2.03 percent at Rs 409.95 a share on the Bombay Stock Exchange (BSE).

ONGC had Wednesday reported 19 percent rise in first quarter net profit on realising higher crude oil prices.

One of Fortune listed 'World's Most Admired Companies - 2014', ONGC announced five new discoveries during the quarter, four of which are in the western part of India and one in the Krishna-Godavari basin.

ONGC Videsh (OVL), the foreign arm of ONGC, has earlier this month signed Production Sharing Contracts (PSCs) for two on-land exploration blocks B-2 and EP-3 in Myanmar.

OVL has raised USD 2.2 billion from international capital markets, ONGC said.

The first cargo of around 1.2 million barrels of diluted crude oil from OVL's Carabobo Project in Venezuela reached Jamnagar refinery of Reliance Industries Ltd on July 7, the statement added.

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