Single net profit Rs 1,378 crore
The company said in a statement here that its single net profit in the October-December 2020 quarter was Rs 1,378 crore, which is 67.4 per cent lower than the Rs 4,226 crore in the same quarter last year. During this period, the company received a price of USD 43.9 per barrel for crude oil, compared to USD 58.24 per barrel in the same period a year earlier.
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During this period, the price of gas fell from $ 3.23 per mmbtu to 1.79 per mmbtu. During this period the total income of the company declined by 28 percent to Rs 17,024 crore.
Announcement of 35% dividend
ONGC Board approved the Interim Dividend of 35 per cent in the meeting held on Saturday, which is Rs 1.75 per share on equity shares of five rupees face value. The company said in a statement that a total of Rs 2,201.55 crore will be spent on this item.
ONGC to buy 5% stake in Indian Gas Exchange
ONGC said that its board has also approved the acquisition of five per cent equity in Indian Gas Exchange Ltd as a strategic investment.
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What is Indian Gas Exchange
The Indian Gas Exchange is the country’s first authorized gas exchange and is part of the Indian Energy Exchange (IEX). IGX is a gas trading platform started by IEX on 15 June 2020 and has been functioning as a gas exchange since December 2020.