<b>ONGC Q1:</b> Net up 24%; announces 1:2 bonus

ONGC Q1 net profit for the quarter ended June 2006 rose 24% to Rs 4,119 crore when compared to Rs 3,319 crore in the corresponding quarter last year. 

According to a release issued by ONGC to the BSE today, the company's Q1 total income grew 34.5% to Rs 15,023 crore in June 2006 from Rs 11,168 crore in June 2005.

Futher the company's board has recommended a bonus issue of 1:2 equity shares, ie one free share for every shareholder holding two shares. The proposal will be placed before AGM for shareholder approval.