Shares of Oil and Natural Gas Corporation (ONGC) hit a 6-month high of Rs 170, up 4 per cent, in intra-day trade on Wednesday, extending its previous day’s 4 per cent gain on the BSE on the expectations of strong earnings in the January-March quarter (Q4FY19).
The stock was trading at its highest level since October 4, 2018. The trading volumes on the counter more than doubled with a combined 11.7 million equity shares changing hands on the NSE and BSE till 10:54 am.
For the first nine months (April-December) of FY19, the company had posted 62 per cent year-on-year (YoY) jump in net profit at Rs 22,671 crore. The stock had underperformed the market in FY19, sliding 10 per cent, as compared to a 17 per cent rally in the benchmark S&P BSE Sensex.
