ONGC rises 3% as surge in crude prices boosts profit but analysts flag falling production volumes
Shares of ONGC NSE 2.46 % jumped 2.5 per cent in early trade on Monday as the state-owned oil and gas major reported a 31.5 per cent jump in its March quarter net profit after getting the best ever prices for crude oil it produces and sells.
The standalone net profit of Rs 8,859.54 crore or Rs 7.04 per share, in January-March compared with Rs 6,733.97 crore or Rs 5.35 a share, in the same period a year back, according to the company’s regulatory filing.
