For Quick Alerts
For Daily Alerts

ONGC Surges 5% As Crude Oil Jumps 7%


Shares in Oil and Natural Gas jumped 5 per cent, after crude oil prices surged 7 per cent, following Iran's agreement towards a Russia-Saudi-led move to freeze production.

ONGC Surges 5% As Crude Oil Jumps 7%
Brent Crude jumped after the Iran comments, which also saw shares of ONGC rally 5 per cent to Rs 210.
Crude oil has fallen sharply in the last few months, due to large scale supply and a demand glut across the globe. This has led to a sharp drop in stock prices as well, as oil rich sovereign funds have sold heavily in the equity markets to meet budget deficits.

ONGC, Oil India and Cairn India have slumped as crude oil prices continue to fall. ONGC reported sharp drop in its net profits for the quarter ending Dec 31, 2015.

The government owned Oil and Natural Gas Corporation posted a 64-per cent decline in net profit for the December quarter, on the crude oil price slump and provisioning for impairment of assets. Net profit was Rs 1,285 crore  against Rs 3,571 crore.

Read more about: ongc
Story first published: Thursday, February 18, 2016, 11:07 [IST]
Company Search
Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'


We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more