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Shares of ONGC jumped to one-week high on Q4 results. The oil and gas explorer's shares gained as much as 3.7 per cent to Rs 180.35, their highest in over a week.
Riding on spurt in crude oil prices, public sector undertaking Oil and Natural Gas Corporation has reported a Rs 5,915-crore profit after tax for the last quarter of the financial year 2017-2018. This is 36.3 per cent higher than the Rs 4,340-crore net profit reported in the same quarter of the financial year 2016-2017.
According to analysts at Kotak Institutional Equities, Q4 profit was impacted by higher operating costs, statutory levies and exploratory write-offs.
Nomura analysts say high dividend income, impairment reversal and lower tax helped the company to post y-o-y rise in profit. FY18 gas production was up 6 per cent, and the company expects similar production increase in FY19, they add.
More than 7.3 million shares change hands vs the 30-day moving average of 6.5 million shares. About 25 of 32 brokerages rate the stock “buy” or higher, 6 “hold”; their median price target is Rs 225, according to Thomson Reuters data.
Up to Wednesday's close, the stock had fallen 10.9 per cent compared with a 6 per cent decline in Nifty Energy index.
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