On June 28, Oil and Natural Gas Corporation (ONGC) went up 2% during trading. Realizations drove the company's standalone profit of Rs 6,734 crore for the quarter ending June 2021, which was announced on June 24. In the previous quarter, the PSU oil and gas company lost Rs 3,214 crore.
In comparison to the same quarter the previous year, gross revenue fell 1.2 percent to Rs 21,189 crore, according to the company's BSE filing.
For the financial year 2020-21, the firm board suggested a final dividend of Rs 1.85 per equity share of Rs 5 each, or 37 percent, subject to declaration by members at the succeeding Annual General Meeting.
Motilal Oswal, a domestic research and broking business, has maintained a buy call on the stock with a target price of Rs 150 per share in its report. For ONGC, cash flow breakeven is USD 50-55 per barrel of oil and USD 3-3.5 per million British thermal units of gas. The domestic gas (APM) price ceiling will not influence production from the KG basin because the variable cost of production is modest, it claimed.
Oil And Natural Gas Corporation Ltd., founded in 1993, is a Large Cap business in the Gas & Petroleum industry with a market capitalization of Rs 152095.58 crore.