ONGC Share Price NSE: Oil & Natural Gas Corporation Limited (NSE: ONGC) share price traded in positive territory on Wednesday, November 16, following the announcements of second quarter results and also plan to retake a 20 per cent stake in Russia’s Sakhalin oil and gas field.
The stock initially opened with marginal gains and slipped to trad in negative bias. After touching the day’s low at Rs 141.20 apiece on NSE in early deals, the counter reversed and traded in the green. At 10:38 AM, the scrip quoted Rs 142.70 apiece on NSE. The stock previously closed at Rs 142.35.
Brokerages have given mixed ratings on the counter post announcement of the July-September quarter results.
ONGC Q2 results
The company has reported 30 per cent fall in net profit for September quarter. In a statement, Oil and Natural Gas Corporation (ONGC) announced a net profit of Rs 12,825.99 crore, or Rs 10.20 a share, in July-September 2022-23 as compared to Rs 18,347.73 crore, or Rs 14.58 per share net profit in the same period a year ago.
Profit fell 15.6 per cent over the preceding June quarter when it had reported Rs 15,205.85 crore net profit. Net profit fell despite the company’s gross billing for crude oil it produced soaring 37.7 per cent to USD 95.49 per barrel in July-September from USD 69.36 a barrel a year back.
ONGC Videsh set to retake its Sakhalin-1 stake
ONGC Videsh Ltd, the overseas arm of state-owned Oil and Natural Gas Corporation (ONGC), has submitted an application to Russian authorities to retake a 20 per cent stake in the Sakhalin-1 oil and gas fields in the far east region of the country.
“ONGC Videsh Board in its meeting held on October 18, 2022, has approved submission of its consent to claim the company’s right in Sakhalin-1,” ONGC said in its notes to a stock exchange filing on July-September quarter earnings.
It “expects retention of its interest in the project and is not expecting any major impact on its rights and obligations due to this transition,” it said.
ONGC Dividend 2022, Record Date, Ex-Date, Payment Date
The company had announced to pay an interim dividend of 135 per cent per share to its shareholders. This translates into Rs 6.75 per equity share of the face value of Rs 5. ONGC has fixed November 22 as the record date. The company will trade ex-date a business day before the record date i.e., November 21.
The company’s total payout on this account will be Rs 8,492 crore. The dividend will be paid to the eligible shareholders on or before December 13.
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