ONGC hits more than 19-month high ahead of Q3 results

NEW DELHI: ONGC shares surged as much as 5.13 per cent in early trade on Monday to their highest level since June 2015. The company will announce its financial results for the quarter ended December 31, 2016 later in the day.

The scrip was trading 2.23 per cent up at Rs 206.15 around 10.15 am (IST). Shares of upstream companies opened at Rs 210 and touched a high and low of Rs 212 and Rs 205, respectively, in trade. Benchmark BSE Sensex was trading 80 points down at 27,769.45.

According to reports, ONGC has received the first instalment of $19 million from Venezuela's state oil firm Petroleos de Venezuela towards recovering pending dividend.

ONGC is likely to post 276 per cent rise in net profit on Tuesday for the quarter ended December 31 2016 on 5 per cent year-on-year increase in top line figures for the quarter under review.

According to poll conducted by ETNow, ONGC may post net profit and net sales of Rs 4,836 crore and Rs 19,394 crore, respectively, in Q3 FY17 over Rs 1286 crore and Rs 18448 crore in Q3FY16.