State-owned ONGC gained more than 34 per cent from March lows to correct on Wednesday. As crude oil prices improved from $19 a barrel in April to around $40, sentiment for ONGC improved but the company’s March quarter performance failed to impress the investors.
The lower oil and gas realisations, sharp jump in operating expenses, higher than expected DD&A (depletions, depreciation & amortization) expenses and impairments caused by the coronavirus outbreak hurt the company’s earnings. The company’s crude realisations at $49 a barrel during the March quarter were ...
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