Tag: ONGC

Categories
Business India News

ONGC records 7-fold jump in Q3 profit results

Similarly, gross revenues rose 67.3 per cent to Rs 28,474 crore against Rs 17,024 crore in Q3FY21…reports Asian Lite News


Diversified energy major ONGC on Saturday reported a rise of 596.7 per cent in its standalone net profit for the quarter ended December 31, 2021.

Accordingly, the standalone Q3 net profit rose to Rs 8,764 crore against Rs 1,258 crore reported during the corresponding period of previous fiscal.

Similarly, gross revenues rose 67.3 per cent to Rs 28,474 crore against Rs 17,024 crore in Q3FY21.

On a consolidated basis, the company reported a rise of 220 per cent in its Q3FY22 net profit to Rs 11,637 crore from Rs 3,637 crore on a YoY basis.

The company reported that its consolidated net profit attributable to owners was up 334.2 per cent to Rs 10,932 crore from Rs 2,518 crore reported for the corresponding period of the previous year.

According to the company, its Board has approved second interim dividend of 35 per cent i.e. Rs 1.75 on each equity share of Rs 5.

“The total payout on this account will be Rs 2,201.55 crore. The Record date for distribution of dividend has been fixed for 22nd February, 2022 which has been intimated to the stock exchanges,” the company said in a statement.

“This is in addition to first interim dividend of Rs 5.50 per share(110 per cent) declared earlier in Nov 2021.”

ALSO READ-Maruti becomes ‘car export king’ in India

Categories
Business

ONGC gets first woman head Alka Mittal

The public sector company had been functioning without a head since the retirement of the former head Subhash Kumar on December 31, 2021….reports Asian Lite News

Energy major ONGC has appointed Alka Mittal as its Chairman and Managing Director.

The new responsibility has been given as an additional charge to Mittal, who holds the position of Director (Human Resources) at the company.

With this elevation, Mittal becomes the first woman to lead the company, ONGC posted on its Twitter handle late on Monday night.

The public sector company had been functioning without a head since the retirement of the former head Subhash Kumar on December 31, 2021.

ONGC, Saudi Aramco ink feedstock and marketing deal

Mittal is a post graduate in Economics, MBA (HRM) and Doctorate in Commerce and Business Studies. She joined ONGC in 1985. Prior to joining as Director (HR), she held the post of Chief Skill Development (CSD) of the company.

“In her capacity as CSD she streamlined the activities and brought in uniformity in the working of the Skill Development Centres of ONGC. During this period, she has also implemented the National Apprenticeship Promotion Scheme (NAPS) in ONGC engaging more than 5,000 apprentices across all work centres,” Mittal’s profile on the ONGC website said.

As a senior HR specialist, Alka Mittal has made rich contributions in various professional forums and bodies.

She is an Executive Committee member of NIPM (National Institute of Personnel Management), and was President of Forum for Women in Public Sector (WIPs) Northern Region till recently and heads the Women Development Forum of ONGC

ALSO READ: Digital transformation leads to greater vulnerabilities’

Categories
Business Economy

ONGC urged to tie up with private sector

India is 85 per cent dependent on imports to meet its oil needs, and a way to cut the high import bill is to increase domestic production…reports Asian Lite News

The government wants public sector oil explorer Oil and Natural Gas Corporation (ONGC) to actively explore participation of private sector companies and other service providers in its quest to step up oil and gas production in the country and reduce dependence on imports, an official said on Thursday.

Petroleum Secretary Tarun Kapoor said that the ONGC’s production has to be increased and for that, the company has to expand its portfolio through new exploration. And in the expanded plate, he said, the company can involve the private sector that brings in the right technology required for specific exploratory fields.

His comments came after an Additional Secretary-ranked official in the Ministry, who is also on the ONGC board, in a letter, asked the ONGC to give away 60 per cent stake plus operating control in India’s largest oil and gas producing fields of Mumbai High and Bassein to foreign companies.

While Kapoor did not go into the specific case, he said any decision on the matter has to be taken by the board of the Maharatna company and the ministry can only offer its suggestions.

India is 85 per cent dependent on imports to meet its oil needs, and a way to cut the high import bill is to increase domestic production. The government has also set a target to reduce dependence on imported oil by 10 per cent over the next few years.

The ONGC’s production from its blocks either on its own or through the help of private strategic participants would hold the key to raising country oil and gas production swiftly.

Production of oil and gas by domestic companies have almost stagnated for the last decade and with earlier years’ prolific blocks now ageing, the focus is on finding new resource areas that can sustain production to meet the needs of the country for the next few decades.

ALSO READ: India and the US can roll back an aggressive PLA