ONGC Share Price Surge 4.42% on January 7, 2025

Oil and Natural Gas Corporation Ltd (ONGC) was in focus on Tuesday. On January 7, 2025, ONGC share price opened at ₹259.15, up from its previous close of ₹254.36. At 10:46 AM, the share price of ONGC was trading at ₹265.60, up by 4.42% on the NSE. As of the same time, the stock price touched its day’s high at ₹267.40.

Latest Developments

In December 2024, ONGC subscribed to an additional 490,62,03,065 equity shares of ₹10 each by OPaL through a rights issue. This allotment has raised ONGC’s shareholding in OPaL from 94.57% to 95.69%. This investment was in line with the approval from the Government of India, as well as the ONGC Board of Directors’ decision on September 25, 2024, to invest ₹10,501 crore in OPaL in one or more tranches.

The additional stake acquisition is part of ONGC’s broader strategy for vertical integration, focusing on the downstream petrochemical sector. This move will further strengthen ONGC’s position in the value chain and allow for enhanced control over petrochemical production, contributing to the company’s growth and expansion into new areas of business.

Q2 FY 2025 Financial Highlights

For the second quarter (Q2) of FY’25, the company reported gross revenue of ₹1,58,329 crore, marking a 7.3% increase compared to ₹1,47,614 crore in Q2 FY’24. In the first half (H1) of FY’25, gross revenue reached ₹3,26,354 crore, reflecting a 4.0% growth from ₹3,13,677 crore in the same period of the previous year.

However, net profit for Q2 FY’25 saw a significant decline of 38.9%, standing at ₹9,878 crore, down from ₹16,171 crore in Q2 FY’24. For the first half of FY’25, net profit dropped by 41.5%, totalling ₹19,689 crore, compared to ₹33,666 crore in H1 FY’24.

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