ONGC's net profit rose 64.8% to Rs 8,262.70 crore on 20.4% increase in net sales to Rs 27,694.09 crore in Q3 December 2018 over Q3 December 2017. The result was announced after market hours yesterday, 14 February 2019.
The company got $66.38 for every barrel of crude oil it sold in the quarter, 13.6% higher than $58.42 per barrel realisation a year ago. Gas prices were 16.3% higher at $3.36 per million British thermal unit.
ONGC said total crude oil production dropped 4.8% to 6.036 million tonne, but total gas output rose 6.6% to 6.691 billion cubic metre.
Further, the ONGC board approved a proposal for buyback of its equity shares. Around 25.29 crore equity shares of the company will be bought back at the price of Rs 159 per equity share payable in cash. The total cost of this share buyback will not exceed Rs 4,022 crore, ONGC said in its statement. The process of buyback is likely to be completed in February 2019.
Nestle India's net profit rose 9.6% to Rs 341.76 crore on 11.2% increase in net sales to Rs 2,878.83 crore in Q4 December 2018 over Q4 December 2017. The result was announced after market hours yesterday, 14 February 2019.
Jet Airways (India) reported net loss of Rs 587.77 crore in Q3 December 2018 compared with net profit of Rs 165.25 crore in Q3 December 2017. Net sales rose 1% to Rs 6,147.98 crore in Q3 December 2018 over Q3 December 2017. The result was announced after market hours yesterday, 14 February 2019.
Meanwhile, Jet Airways' board approved a Bank led Provisional Resolution Plan (BLPRP), proposing restructuring under the provisions of the RBI Circular in order to meet a funding gap of nearly Rs 8500 crore which is to be met by an appropriate mix of equity infusion, debt restructuring, sale/ sale and lease back/ refinancing of aircraft, among other things.
The BLPRP will be presented for consideration of each of the consortium of lenders, the overseeing committee of the Indian bankers' association, the board of directors of Etihad Airways, and the promoter.
CG Power and Industrial Solutions said that its board considered and in-principally approved the proposal of initiating process for merger/amalgamation of CG Power Solutions ('CGPSOL'), a wholly owned subsidiary of the company, with the company, subject to the finalisation of necessary terms and conditions of such merger/amalgamation including finalisation of the scheme and subject to requisite approvals as may be required by the company and CGPSOL in this regard. The announcement was made after market hours yesterday, 14 February 2019.
Siemens said it will transfer its leasehold interest in the property located at Halol, Gujarat to LM Wind Power Blades (India) for Rs 193.50 crore. The proposal is subject to receipt of all requisite statutory and regulatory approvals from the concerned authorities and signing of firm agreements between the company and the proposed assignee in this regard. The announcement was made after market hours yesterday, 14 February 2019.
Shares of sugar manufacturers will be watched. With the aim of benefitting sugar farmers and in order to clear their arrears/cane dues, the Union Government has decided to increase the Minimum Support Price (MSP) of sugar from Rs 29 to Rs 31 for the year 2019-2020.
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