ONGC shares gained more tan 1 per cent in a strong market despite posting a 67% decline in December quarter earnings. ONGC, post market hours on Friday, had posted a 67.4 per cent year-on-year decline in standalone profit to Rs 1,378 crore in the third quarter of the current financial year. The standalone net profit stood at Rs 4,226 crore in the year-ago period. At 2:30 pm, the shares of ONGC were trading at Rs 98, higher by 1.60 per cent, on the BSE.
According to the company’s regulatory filing to BSE, the company’s standalone revenue from operations slipped 28 per cent in the third quarter to Rs 17,023.80 crore, compared to Rs 23,710.05 crore in the year-ago period.
The company’s quarterly performance was impacted by crude oil and natural gas prices due to the COVID-19 pandemic, as well as volatile global crude oil and natural gas markets.
The BSE Sensex was trading at 52,062.50, higher by 510 points or 1 per cent and the NSE Nifty was at 15,293.50, up 0.86 per cent at the time.