ONGC shares surge on earnings; new oil find

Last Updated: Mon, Aug 13, 2012 04:37 hrs

Shares in 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 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.

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