ONGC Shares Extend Gains Post Q4 Earnings

ONGC shares traded higher on Friday, following the state-run explorer's fourth quarter earnings announcement. ONGC's net profit jumped 12 per cent to Rs 4,416 crore, though sales slumped 24 per cent to Rs 16,385 crore on account of lower crude oil price. (Read more) 

ONGC's fourth quarter net profit was boosted by a one-off gain, as the explorer reversed Rs 852 crore from a charge taken previously. ONGC also benefited from a Rs 633 crore savings in subsidy. 

ONGC shares closed 1.60 per cent lower at Rs 212.6 apiece compared to 1.08 per cent gain in the broader Nifty.