ONGC net profit seen falling 3.8%, stock down
The bonds received strong demand from institutional investors and high net-worth individuals, with total subscriptions reaching 2.5 times more than the issue size of Rs10,000 crore.
Shares of state-owned energy major Oil and Natural Gas Corporation Limited (ONGC) traded with over 1% losses on the Bombay Stock Exchange in an up market today. The company will report its third quarter earnings later today.
According to a brokers' poll conducted by NDTV Profit, net sales are likely to rise 14% (year-on-year) at Rs 21,200 crore against Rs 18,586.41 crore. However, profit after tax (PAT) might fall 3.8% (YoY) to Rs 6,810 crore against Rs 7,083.23 crore on account of higher subsidy burden.
The government said that upstream companies will have to share 37.91% of the entire subsidy burden earlier this week. Accordingly, ONGC will have to contribute Rs 12,536 crore in Q3 as subsidy burden.
Gross realization is seen at $112.5 per barrel against $89.1 per barrel (YoY).