ONGC shares gain after profit beats estimates

Last Updated: Tue, Feb 12, 2013 04:26 hrs

Shares in India's state-run Oil and Natural Gas Corp ONGC gained 1.5 percent in pre-open trade on Tuesday, a day after its October-December net profit beat market expectations, helped by higher selling prices for oil and gas and slightly lower subsidy payouts to refineries.

ONGC posted net profit of 55.63 billion rupees ($1.04 billion) for December quarter and its sales rose 16 percent to 209.87 billion rupees. Analysts expected net profit of 53.7 billion rupees, according to Thomson Reuters StarMine data.

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