ONGC hits 5-month high as Q2 profit beats estimates

The stock was up 3% at Rs 190, trading at its highest level since May 11, 2017 on the BSE.

Oil and Natural Gas Corporation (ONGC) hit a five-month high of Rs 190, up 3% on the BSE in early morning trade after the country’s biggest oil and gas producer, reported a 3.1% increase in second-quarter profit at Rs 5,131 crore, on back of higher oil prices. The net profit in September 2017 quarter (Q2FY18) was better than expected against an average analysts estimates of Rs 4,543 crore. The stock was trading at its highest level since May 11, 2017.
 

Revenue was up 3.1% at Rs 18,966 crore in Q2FY18 against Rs 18,395 crore in the corresponding quarter of previous