ONGC dropped 0.24% to Rs 392.50 at 11:15 IST on BSE after ONGC Videsh reported 9.65% rise in net profit to Rs 2068 crore on 12.94% rise in gross revenue from operations to Rs 11362 crore in H1 FY 2015 over H1 FY 2014.
ONGC Videsh announced first half year ended 30 September 2014 (H1 FY 2015) results during market hours today, 13 November 2014.
Meanwhile, the S&P BSE Sensex was down 16.39 points or 0.06% at 27,992.51.
On BSE, so far 65,938 shares were traded in the counter as against average daily volume of 4.81 lakh shares in the past one quarter.
The stock hit a high of Rs 397.25 and a low of Rs 391.50 so far during the day. The stock had hit a record high of Rs 472 on 9 June 2014. The stock had hit a 52-week low of Rs 263.30 on 13 November 2013.
The stock had underperformed the market over the past one month till 12 November 2014, falling 2.73% compared with the Sensex's 6.51% rise. The scrip had also underperformed the market in past one quarter, sliding 2.97% as against Sensex's 8.22% rise.
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India's largest oil & gas exploration firm by sales has an equity capital of Rs 4277.74 crore. Face value per share is Rs 5.
ONGC Videsh's crude oil production rose 1.22% to 2.74 million metric tonnes (MMT) in first half year ended 30 September 2014 (H1 FY 2015) over first half year ended 30 September 2013 (H1 FY 2014). Natural gas production rose 10.43% to 1.557 Billion cubic metres (BCM) in first half year ended 30 September 2014 (H1 FY 2015) over first half year ended 30 September 2013 (H1 FY 2014).Total oil & oil equivalent gas rose 4.37% to 4.297 metric million tonnes of oil-equivalent (mmtoe) in first half year ended 30 September 2014 (H1 FY 2015) over first half year ended 30 September 2013 (H1 FY 2014).
Crude Oil production during H1 FY 2015 is slightly higher by 1.22% due to the commissioning of phase II in Block BC-10, Brazil as well as acquisition of additional 12% PI in the block and increase in production in Carabobo, Venezuela which was offset by temporary shutdown of production in South Sudan. The gas production has increased by 10.43% mainly due to production from Blocks A1 and A3, Myanmar during whole H1 FY 2015 whereas it was for 4 months during H1 FY 2014. Gross Revenue during H1 FY'15 has increased mainly due to increase in sales quantities in BC-10, Brazil and Block A1 and A3, Myanmar.
The net profit during H1 FY 2015 is higher by 9.65% over the corresponding half year mainly due to higher sales revenue partly offset by higher charge of depreciation, depletion & amortization.
ONGC Videsh, a Miniratna Schedule A Central Public Sector Enterprise (CPSE) of the Government of India under the administrative control of the Ministry of Petroleum & Natural Gas is the wholly owned subsidiary and overseas arm of Oil and Natural Gas Corporation (ONGC)
Meanwhile, ONGC announces Q2 results tomorrow, 14 November 2014.
ONGC's net profit rose 19.1% to Rs 4781.79 crore on 10.9% rise in total income to Rs 22746.45 crore in Q1 June 2014 over Q1 June 2013.
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