ONGC profit down 11% on crude slumpb
.jpg)
Oil and Natural Gas Corporation (ONGC) on Friday said its standalone net profit for the September quarter dipped 11 per cent on the back of crude price slump.
It reported a net profit of Rs 4,842 crore, against Rs 5,444 crore in the same quarter in 2014-15. However, the profit was ahead of Bloomberg consensus estimate of Rs 4,601 crore. The company also gave subsidy to oil marketing companies (OMCs).
“The company has shared under-recoveries of OMCs for the quarter by allowing discount in the prices of crude oil based on the rates communicated by the ministry of petroleum,” ONGC said. The discounts impacted the firm’s profit after tax by Rs 329 crore during the quarter, against an impact of Rs 7,645 crore in the same quarter a year ago. Total income rose to Rs 21,817 crore from Rs 21,808 crore in the same quarter a year ago.
ONGC declared an interim dividend of Rs 4.50 per share totalling Rs 3,850 crore.
The state-owned petroleum explorer also informed its board has approved the field development plan of the Madanam field in Tamil Nadu that was awarded under the fourth round of new exploration licensing policy (NELP) in 2004.
The company also notified three additional hydrocarbon discoveries during the quarter taking the total number of discoveries notified in the current fiscal to ten.
The company’s share price at the BSE on Friday closed at Rs 251.90, up 0.32 per cent as compared to previous close.
Other Latest News
The BJP will benefit from the anti-incumbency against the Biju Janata Dal government, which is in power for an unbroken 24 years in Odisha, and a strong Modi wave to dethrone Naveen Patnaik from the helm of the state, senior saffron party leader Vijaypal Singh Tomar claimed.
In an interview with PTI, Tomar said, "There is anti-incumbency and people in Odisha have decided to change the BJD government this time. Similarly, there is a strong Modi wave across India, which has also been strongly felt in this state."
.webp)
A senior TDP leader has said the priority of the party is to "rebuild" Andhra Pradesh and take the state out of the debt trap by getting rid of the YSR Congress Party (YSRCP) government.
Telugu Desam Party (TDP) National Coordinator (Election) and ex-Rajya Sabha MP Kanakamedal Ravindra Kumar said Andhra Pradesh has suffered more losses during the Jagan Mohan Reddy government than during the creation of the two Telugu states in 2014 when resources were shared with Telangana.
.webp)
The Supreme Court on Friday issued a notice to the Election Commission of India (ECI) regarding a plea seeking to frame rules in case ‘None of the Above' (Nota) option gets the majority in elections.
Motivational speaker Shiv Khera has petitioned that the ECI treat Nota as a "fictional candidate" and to establish guidelines for conducting re-elections in constituencies where Nota garners a majority.
.webp)
The just-concluded follow-on public offer (FPO) of Vodafone Idea Limited (VIL) has not only brought relief to the struggling telecom operator but also to the three investment banks that managed the Rs 18,000 crore share sale. According to the final prospectus filed by the Mumbai-based firm, it has paid Rs 287 crore, 1.6 per cent of the issue size, as book running lead manager (BRLM) fees.
This, according to PRIME Database, is the second-highest BRLM fee paid for a domestic FPO or an initial public offering (IPO).
.webp)
India’s largest non-banking financial company Shriram Finance on Friday reported a 57 per cent year-on-year (Y-o-Y) jump in its consolidated net profit for the fourth quarter of 2023-24.
In Q4 of FY24, the consolidated net profit of Shriram Finance stood at Rs 2,021.28 crore as against Rs 1,288.18 crore recorded in the same period of the previous year, due to rise in income and improved asset quality.
.webp)
.webp)
.webp)
.webp)
.webp)
