Small BusinessONGC profit rises 23% to Rs 3,053 cr in Q3
Oil & Natural Gas Corporation (ONGC) posted an increase of 23.38 per cent in net profit at Rs 3,053.58 crore for the quarter ended December 31, 2009, as compared to Rs 2,474.81 crore in the corresponding quarter last year. The state-owned company reported the highest net profit growth in the last six quarters.
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The company’s turnover, including sale of Mangalore Refineries and Petrochemical"s (MRPL) products, rose 23 per cent to Rs 15,373 crore for December quarter, as against Rs 12,521 crore in the same period of previous fiscal.
The company made seven new discoveries during FY10 and two more in January 2010. The board has also approved Rs 2,887 crore investments for integrated development of D1 marginal field in Mumbai offshore and for acquisition of a new Multi Support Vessel.
The stock outperformed the Sensex in falling market, declined by 1.98 per cent to Rs 1,140 today, as compared to 2.42 per cent fall in the index.