ONGC hits over four-month high; stock up 3% on heavy volumes

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Oil and Natural Gas Corporation (ONGC) gained 3% to hit over four-month high of Rs 177 on the BSE in early morning trade on heavy volumes. The stock is trading at its highest level since June 5, 2017.

In the first 10 minutes of trade, a combined 2.62 million shares have already changed hands on the counter, as against an average 4.8 million shares that were traded daily in past two weeks on the BSE and NSE.

The state-owned oil exploration & production company has fixed November 06, 2017 as the record date for the purpose of payment of first interim dividend for the financial year 2017-18 (FY18). The board of directors of ONGC scheduled to meet on October 28, 2017, to consider un-audited financial results of the company for the quarter/half year ended on September 30, 2017 (Q2) and declaration of ‘First Interim’ dividend for F.Y. 2017-18.

Edelweiss Securities expect a strong Q2FY18 for ONGC, with profit after tax (PAT) of Rs 5,200 crore, up 34% quarter-on-quarter (QoQ).

“We estimate oil and gas production to rise 2%/11% year-on-year (YoY). We also estimate oil realisation to increase 4% QoQ,” the brokerage firm said in result preview Q2FY18.

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