Shares of Oil and Natural Gas Corp (ONGC) today rose by nearly 4 per cent after the company reported its highest profit in 17 quarters. The stock, after a positive opening, further jumped 3.50 per cent to Rs 180.05 as the trade progressed on BSE.
On NSE, shares of the company went up by 3.64 per cent to Rs 180.35. State-owned ONGC's net profit in three-months to March 31, 2018, jumped 37 per cent on back of higher oil prices. Net profit in the fourth quarter of 2017-18 at Rs 5,915.12 crore, or Rs 4.61 a share, was higher than Rs 4,340.18 crore net in the same period of the previous fiscal, the company said in a statement yesterday.
The board of directors of ONGC recommended a final dividend of Rs 1.35 per share (27 per cent). This is in addition to the interim dividend of Rs 5.25 per share declared in two phases previously.