ONGC up after profit beats estimates

Oil & Natural Gas Corporation (ONGC), an Indian multinational oil and gas company, gained on Tuesday after itposted better-than-expected net profit.

The company announced a fall of 17.48% y-o-y in net profit to Rs 55.63 billion for the quarter ended Dec. 31, 2012. Analysts on an average had estimated profit of Rs 53.40 billion.

Net sales of the company went up by 15.75% y-o-y to Rs 210.93 billion for the quarter ended Dec. 31, 2012. Market was expecting revenues of Rs 193.55 billion. Shares ofthe companyare trading at Rs 314.55, up Rs 6.15, or 1.99% at the Bombay Stock Exchange (BSE) on Tuesday at 9:28 a.m.The scrip has touched an intra-day high of Rs 316.45 and low of Rs 313.15. The total volume of shares traded at the BSE is 50,238.In the earlier session, the shares declined 1.61%, or Rs 5.05, at Rs 308.40. Currently, the stock is trading down 11.17% from its 52-week high of Rs 354.10 and above 31.01% over the 52-week low of Rs 240.10.

Share Price Movement Period Pricein Rs Gain/(Loss) in Rs in % 1 Week 325.05 (16.65) (5.12) 1 Month 292.00 16.40 5.62 3 Months 256.70 51.70 20.14 6 Months 283.85 24.55 8.65 1 Year 280.70 27.70 9.87 Note: Based on previous day closing price.