ONGC declares highest dividend by an Indian firm

New Delhi, Sep 19 : State-owned Oil Natural Gas Corp (ONGC) Friday declared a dividend of Rs.68.44 billion, the highest by an Indian company in absolute terms.

Earlier this year, ONGC had announced an interim dividend of 180 percent. At the annual general meeting, the shareholders approved an additional final dividend of 140 percent, bringing the total to 320 percent.

“In absolute terms, the total dividend of Rs.6,844 crore (Rs.68.4 billion) is the highest posted by any Indian corporate body, private or public,” said ONGC chairman R.S. Sharma.

Of this, the government's share will be Rs.50.74 billion.

In the last fiscal, OIL also recorded a turnover of Rs.601.3 billion, its highest-ever, with the net profit standing at Rs.167.02 billion.

ONGC shares went up 7 percent during the day's trading on the Bombay Stock Exchange.

--IANS