Oil and Natural Gas Corporation (ONGC), the state-run Indian oil and gas explorer, has rewarded shareholders with a bonus issue of equity shares in the ratio of 1:2 and interim dividend at the rate of 90 percent (Rs 4.50 per share). The record date for dividend is November 5, 2016 and the payment will start from November 7, the company said in a statement.
ONGC becomes the fourth public sector energy company to declare bonus issue this fiscal, after Bharat Petroleum Corporation Ltd. (BPCL), Hindustan Petroleum Corporation Ltd. (HPCL) and Indian Oil Corporation (IOC).
Hindustan Petroleum Corporation Ltd. (HPCL) had declared 2:1 bonus in July, BPCL in the ratio of 1:1 in May and IOC in the ratio of 1:1 in August this year.
ONGC has posted Rs 4,975 crore net profit for September 2016 quarter (Q2), 6.3 percent more than Rs 4,681 crore in the corresponding period last year, though revenues declined 10.3 percent to Rs 18,395 crore in Q2 from Rs 20,512 crore in the year-ago period.
IOC saw its net profit zoom to Rs 3,121 crore in Q2 as against a net loss of Rs 450 crore in the corresponding quarter last financial year on better refining margins, though on a sequential basis, the Q2 net profit was lower compared to Rs 8,269 crore for the June quarter.
The company's total income rose three percent to Rs 1,00,274 crore from Rs 97,300 crore, YoY. It plans to increase its fuel retail outlets by 2,000 this financial year, IOC chairman B Ashok said.