Mumbai: State-run explorer Oil & Natural Gas Corp reported a 27 per cent fall in quarterly net profit on Thursday, a smaller fall then the market had expected, as crude prices declined sharply.
ONGC, the country's second-most valuable company with a market worth of $48.5 billion, reported a net profit of Rs 48.48 billion ($1 billion), down from 66.4 billion a year ago.
The company gave a discount of Rs 4.29 billion on crude sales to state-run refiners during the quarter, down nearly 96 per cent from year earlier, Chairman R.S. Sharma said earlier in the day.
In the June quarter, ONGC shares rose 36.9 per cent while the main index rose by nearly half.
Ahead of the results, shares in ONGC closed flat at 1,092.85 rupees in a Mumbai market that rose 2.6 per cent.
Thursday, July 23, 2009
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