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Public sector undertaking, Oil and Natural Gas Corporation (ONGC) reported a net profit of ₹ 5,131 crore for the second quarter of the financial year 2017-2018. In an official statement, ONGC said that this is 3 per cent higher than the bottomline in the corresponding quarter ending September 30 of the last financial year.
The company also recorded a 8 per cent increase in natural gas production and one per cent increase in crude oil production over the corresponding period last fiscal.
At its 299th meeting, the company board also declared an interim dividend of 60 per cent or ₹3 on each equity share of ₹5. An official statement said, the total payout on this account will be ₹ 3,850 crore.
The record date for distribution of dividend has been fixed for November 6, 2017 which has been intimated to the stock exchanges. The payment of interim dividend to the shareholders shall start from November 7.
ONGC has notified nine discoveries till now in the financial year 2017-2018 out of which four discoveries have been made since July, 2017. Out of the four discoveries, two discoveries each have been made in offshore blocks and onshore blocks.
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