India's ONGC shares surge on earnings; new oil find

Last Updated: Mon, Aug 13, 2012 04:10 hrs

MUMBAI, Aug 13 (Reuters) - Shares in India's state-run producer Oil & Natural Gas Corp rose as much as 4.1 percent in early trade on Monday after the company reported a higher-than-expected jump in quarterly profit over the weekend.

The company benefited from higher crude oil prices and foreign exchange fluctuations and reported net profit of 60.8 billion rupees ($1.1 billion) for its fiscal first quarter ended June, up from 41.0 billion rupees a year earlier.

ONGC Chairman Sudhir Vasudeva also said the producer has made a fresh discovery at the D1 offshore field off India's western coast, which could boost in-place reserves at the field to an estimated 140 million tonnes of oil-equivalent from 82 million tonnes now.

Shares last gained 2.7 percent to 287.45 rupees. (Reporting by Manoj Dharra; Editing by Rafael Nam)

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