Commodities
ONGC Profit More Than Doubles on Higher Oil Prices
Oil and Natural Gas Corp., India's top oil and gas producer, posted a significant increase in profit for its first quarter. The company's net income more than doubled to 170.34 billion rupees ($1.8 billion) due to higher crude oil and natural gas prices, as well as a weaker rupee. This exceeded estimates compiled by Bloomberg Terminal, which averaged 152.67 billion rupees.
The revenue jumped 45% from the same period last year to 464.60 billion rupees. The increased profits come despite lower production levels. Oil and Natural Gas Corp.'s results are a reflection of the current market trends in the energy sector.