Oil & Natural Gas Corporation (ONGC) reported an 18% year-over-year increase in standalone net profit for the second quarter ended September 30, 2023, driven by higher oil and gas prices. The state-owned oil explorer also declared an interim dividend of ₹6 per share.

Financial Highlights

• Net profit rose to ₹9,848.00 crore in Q2 FY24, up from ₹8,024.00 crore in Q1 FY24
• Revenue from operations declined 2.5% year-over-year to ₹33,031.00 crore
• Other income increased to ₹3,424.00 crore from ₹1,211.00 crore in Q1 FY24

Segment Performance

The offshore segment continued to be the major contributor to ONGC's revenues and profits.

Interim Dividend

The ONGC board declared an interim dividend of ₹6.00 per equity share (120% of face value) for FY 2023-24. The total payout will amount to ₹7,548.00 crore. The record date for dividend payment is set as November 14, 2023.

Other Developments

• ONGC approved an investment of up to ₹421.50 crore in its wholly-owned subsidiary ONGC Green Limited
• The company received approval to enter into two joint ventures with Mitsui O.S.K. Lines Ltd for ethane transportation

ONGC continues to focus on enhancing domestic oil and gas production while also expanding into renewable energy and other strategic areas. The company remains committed to India's energy security goals.

Oil & Natural Gas Corporation Ltd. (ONGC), a major player in India's oil and gas sector, witnessed a significant block trade on the National Stock Exchange (NSE) today. The transaction involved approximately 756,851 shares of the company, valued at Rs. 18.97 crores.

Block Trade Details

This block deal, executed at a price of Rs. 250.65 per share, represents a substantial transaction in ONGC's stock. Block deals typically involve large volumes of shares and are often carried out between institutional investors or large individual shareholders.

While the identities of the parties involved in this transaction have not been disclosed, such deals can sometimes indicate shifts in institutional holdings or strategic moves by large investors.

It's important to note that block deals, while significant, do not necessarily reflect the overall market sentiment towards a stock. Investors and market watchers often monitor these transactions for potential insights into institutional interest or large shareholder activity.

ONGC, as a key player in India's energy sector, continues to draw attention from both domestic and international investors. The company's performance and stock movements are closely watched as indicators of the broader energy market trends in India.