ONGC rose 2.33% to Rs 274.65 at 11:00 IST on BSE after net profit rose 2.83% to Rs 6063.86 crore on 9.69% growth in total income to Rs 23897.64 crore in Q2 September 2013 over Q2 September 2012.
The Q2 result was announced after market hours on Wednesday, 13 November 2013.
Meanwhile, the S&P BSE Sensex was up 358.58 points or 1.78% at 20,552.98.
On BSE, 1.09 lakh shares were traded in the counter as against average daily volume of 2.33 lakh shares in the past two weeks.
The stock hit a high of Rs 275.65 and a low of Rs 272.10 so far during the day.
ONGC's gross subsidy discount rose 11.9% to Rs 13796 crore in Q2 September 2013 over Q2 September 2012. The subsidy discount impacted the profit before tax (PBT) by Rs 11545 crore and profit after tax (PAT) by Rs 7621 crore. ONGC shares the under recoveries of state-run oil marketing companies (PSU OMCs) by allowing discount in the prices of crude oil, PSD kerosene, and domestic LPG based on the rates of discount communicated by the Ministry of Petroleum and Natural Gas and the Petroleum Planning and Analysis Cell.
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The Government of India (GoI) holds 69.23% stake in ONGC (as per the shareholding pattern as on 30 September 2013).
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