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Second quarter profit of ONGC rises

India’s Oil and Natural Gas Corporation limited posted a61% jump in second-quarter profit. The higher crude oil price helping it to beat forecasts.

ONGC’s net profit stood at 82.65 billion rupees ($1.14 billion) in the quarter ended September 30, compared with 51.3 billion rupees a year earlier, the company said in a stock exchange filing.

Trade analysts on an average had expected a profit of 68.61 billion rupees. Income from operations rose by 47.5% to 279.89 billion rupees.

 

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