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30/05/2012 10:13 AST
Shares of state-owned Oil and Natural Gas Corporation (ONGC) surged more than 2 per cent in the morning trade today after the company reported more than doubling of net profit in the fourth quarter of 2011-12.
The net profit in January-March quarter rose to Rs 5,644 crore from Rs 2,791 crore a year ago.
The scrip opened on a strong note and then surged 2.08 per cent to an early high of Rs 261.70 on the BSE. It was later trading at Rs 257.65, up 0.51 per cent.
Similar movement was seen on the National Stock Exchange as well, where the stock opened at Rs 260.60, then jumped 2 per cent to its day's high of Rs 261.55. It was later trading at Rs 258.05, up 0.64 per cent.
Gains came despite the broader market trading in the negative territory. The 30-share benchmark index Sensex was trading at 16,352.36, down 86.22 points.
ONGC paid Rs 14,170 crore for subsidising diesel, domestic LPG and kerosene against Rs 12,136 crore in Q4 last fiscal.
The subsidy outgo was made good by rupee depreciation - from Rs 47.95 to a US dollar in Q4 2010-11 to Rs 50.29 to a US dollar in the same period of 2011-12 fiscal.
ONGC gets paid for both crude oil and natural gas it produces in US dollar and rupee depreciation is a bonanza for it.
The Hindu Business Line
| Ticker | Price | Volume |
|---|
| (In US Dollar) | Change | Change(%) | |
|---|---|---|---|
| Brent | 60.8 | -1.48 | -2.38 |
| WTI | 56.91 | -1.47 | -2.52 |
| OPEC Basket | 62 | -0.14 | -0.23 |
01/01/2026
Oil prices were slightly lower on Wednesday, and headed for a fall of more than 15 per cent in 2025, as expectations of oversupply increased in a year marked by wars, higher tariffs, increased OPEC+
Reuters
30/12/2025
Oil prices rose on Monday as investors weighed the outcome of talks between the US and Ukrainian presidents on a potential ?deal to end the war in Ukraine, as well as Middle East tensions that could
Asharq Al Awsat
25/12/2025
Oil prices witnessed slight gains on Wednesday, extending the advances made in the previous session, supported by strong economic growth in the United States and concerns over potential supply disrup
QNA
19/12/2025
Oil prices rose slightly on Thursday as investors assessed the likelihood of further US sanctions against Russia and the supply risks posed by a blockade of Venezuelan oil tankers.
Brent cru
Asharq Al Awsat
10/12/2025
Oil prices edged down on Tuesday, extending losses from the 2% drop in the previous session, with markets keeping a close eye on peace talks to end Russia's war in Ukraine and a looming decision on U
Asharq Al Awsat
Financial Information Co.
Saudi Arabia