ONGC Posts Record Profit as Crude Oil Prices Soar

Oil and Natural Gas Corp., India's largest oil producer, reported a significant surge in profits during its first quarter ended June. The New Delhi-based company's net income more than doubled to 170.34 billion rupees ($1.8 billion), surpassing estimates compiled by Bloomberg Terminal.

The increase was attributed to higher crude oil and natural gas prices, as well as a weaker rupee. Revenue jumped 45% from the previous year to 464.60 billion rupees. This performance demonstrates the company's resilience in an uncertain market environment.