ONGC gains on fixing record date for interim dividend

The logo of Oil and Natural Gas Corp's (ONGC) is pictured along a roadside in Ahmedabad
Oil & Natural Gas Corporation (ONGC) gained 1% at Rs 201 on the BSE after the company has fixed February 08, 2017 as the record date for the purpose of payment of second interim dividend, if any.

The board of directors of ONGC will meet on January 31, 2017 to consider and approve the un-audited financial results of the company for the third quarter ended on December 31, 2016 (Q3).

The board will so declare second interim dividend, if any, for the financial year 2016-17, it added.

“We estimate ONGC's Q3FY17 net profit at Rs 5,336 crore (up 35% YoY, 7% QoQ). ONGC will benefit from a 9% QoQ increase in oil which will be offset by 18% cut in domestic gas price. We estimate oil production to remain flat while gas production/sales to improve 3%/8% QoQ,” Edelweiss Securities said in Q3 results preview.

The stock hit a 52-week high of Rs 210 on December 13, 2016 in intra-day trade. A combined 9.67 million shares changed hands on the counter on the NSE and BSE till 02:53 pm.

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