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The shares of Oil and Natural Gas Corporation (ONGC) Limited hit a four-month high of ₹ 143.35 apiece on the National Stock Exchange (NSE), even though the market was trading sideways. Its shares were trading at ₹ 142.75 apiece at 12:14 PM on Tuesday. 

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ONGC is a Nifty 50 stock. It is the largest crude oil and natural gas company in India and it contributes around 71 per cent to Indian domestic production. The company has been in oil exploration for over 60 years and has discovered 8 out of 9 production basins in India. 

The board of Oil and Natural Gas Corporation (ONGC) has declared an interim dividend of 135% of the face value of its shares (₹5). This amounts to a dividend of ₹ 6.75 per share. 

The company informed the exchanges that it has set Tuesday, November 22, 2022, as the record date for determining the eligibility of the shareholders who will be entitled to receive this dividend. This dividend will be paid to eligible shareholders on or before December 13, 2022. 

Its shares will trade ex-dividend on November 21, 2022. Investors will have to buy the shares before the ex-date to be eligible to receive the dividend. 

ONGC’s revenue rose 57.4% to ₹ 38321 crores, mainly because the company in July to September 2021 posted the highest ever quarterly net profit by any Indian corporate after it opted for lower income tax in lieu of giving up exemptions. Therefore, its corporate income tax rate came to 22 per cent plus applicable surcharge and cess as against the earlier rate of 30 per cent plus applicable surcharge and cess. 

The company reported a 30% fall in its net profit for the July-September quarter. This happened after the government levied a windfall tax to take away gains arising from a spurt in international oil and gas prices. It reported a net profit of ₹ 12,825.99 crores in September 2022-23, as compared to ₹ 18347.73 crores in the same period a year ago. 

Written by Simran Bafna 


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