Oil & Natural Gas Corporation slipped 0.44% to Rs 1008 at 9:56 IST on BSE even as the company reported 43.9% surge in net profit to Rs 6636.33 crore on 46.5% increase in net sales to Rs 20052.20 crore in Q1 June 2008 over Q1 June 2007.
The company announced the results after trading hours on Monday, 28 July 2008.
The stock hit a high of Rs 1022 and a low of Rs 1000 so far during the day. The stock had a 52-week high of Rs 1386.90 on 2 November 2007 and a 52-week low of Rs 770 on 17 August 2007.
From a recent low of Rs 903.70 on 17 July 2008, the stock rose 12.04% to Rs 1012.50 on 28 July 2008. The stock gained 3% to Rs 1012.50 on Monday, 28 July 2008 ahead of Q1 results.
The large-cap company had outperformed the market over the past one month till 28 July 2008, gaining 21.97% compared to the Sensex’s return of 3.96%. It had also outperformed the market in the past one quarter, declining 3.83% compared to Sensex’s decline of 17.43%.
The company has an equity capital of Rs 2138.87 crore. Face value per share is Rs 10.
The current price of Rs 1008 discounts its Q1 June 2008 annualised EPS of Rs 124.11, by a PE multiple of 8.12.
ONGC attributed the strong performance to higher price realization on crude oil and cost management. ONGC’s strong Q1 show was despite a sharp increase in subsidy burden to Rs 9,811 crore in Q1 June 2008 compared to a subsidy burden of Rs 3,649 crore in Q1 June 2007. ONGC has to shoulder the subsidy burden to partially offset the under-recoveries suffered by the public sector oil marketing companies due to selling petroleum products below the cost price.
At the time of announcing Q1 results, Oil & Natural Gas Corporaton (ONGC)’s board approved a memorandum of understanding with Uranium Corporation of India (UCIL) for exploration and exploitation of uranium.
In June 2008, ONGC and Mangalore Refinery & Petrochemicals (MRPL) withdrew from Kakinada Refinery & Petrochemicals (KRPL) and Kakinada Special Economic Zone (KSEZ) projects.
ONGC operates in oil & gas exploration, production and refining.
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