ONGC Declares 100% Interim Dividend, Sets Record Date For February 7, 2025; BUY PSU Stock?

ONGC Declares 100% Interim Dividend, Sets Record Date For February 7, 2025; BUY PSU Stock?

The largest oil and gas firm in India is Oil and Natural Gas Corporation Limited (ONGC). The largest producer of natural gas and crude oil in India is ONGC, a Maharatna corporation that accounts for over 84% of the country’s natural gas output and 70% of its crude oil production.

ONGC Dividend

“The Board of Directors has declared 2nd Interim dividend at the rate Rs 5/- per equity share of face value of Rs 5/- each i.e. @100% for the Financial Year 2024-25. As informed vide letter dated 23.01.2025, Friday, the 7th February, 2025 has been fixed as “Record Date” for determining eligibility of shareholders for payment of 2nd Interim Dividend,” said ONGC in a stock exchange filing.

“Board has approved 2nd interim dividend of 100%, i.e. ₹5.00 on each equity share of ₹5.00 The total payout on this account will be ₹ 6,290 Crore. The Record date for distribution of dividend has been fixed for 7th February, 2025 which has been intimated to the stock exchanges. This is in addition to 1st interim dividend of ₹ 6.00 per share(120%) declared earlier in Nov,2024,” the PSU company further informed stock exchanges.

ONGC Financials

Oil and Natural Gas Corporation (ONGC) revealed a 16.7% decline in its net profit for the third quarter to Rs 8,240 crore, down from Rs 9,892 crore during the same time the previous year. EBITDA was Rs 18,950 Cr, while revenue was Rs 33,716.8 Cr during the quarter under review.

During Q3 of FY25, the production of standalone crude oil was 4.653 MMT, up 2.2% from the same quarter in FY24. Similarly, during 9M FY25, the production of standalone crude oil was 13.858 MMT, up 1.2% from 9M FY24. In December 2024, the growth in standalone crude oil production was 5.4% over December 2023.

ONGC Share Price Target

Hardik Matalia – Derivative Analyst at Choice Broking said, “ONGC is currently trading around 247, exhibiting a negative trend as it has formed a strong bearish candle on the daily timeframe. The stock has witnessed sharp selling pressure from higher levels, following a pattern of lower highs and lower lows, indicating continued weakness. Despite a recent bounce from the lower levels, ONGC is struggling to sustain gains and is facing resistance, reinforcing the bearish sentiment. The overall trend remains weak, suggesting that the stock may see further downside pressure.”

“From an indicator perspective, the Relative Strength Index (RSI) is currently at 42.56, signaling a downtrend. However, since it is not yet in the oversold territory, there is still room for further decline before a potential reversal. Additionally, ONGC has retested all its key moving averages, including short-term, medium-term, and long-term EMAs, but has been unable to hold above these levels. This failure to sustain above crucial moving averages strengthens the bearish outlook. If the stock breaches the 230 mark, it could trigger more extended selling, with potential downside targets in the 210-200 range,” the analyst added.

“For investors, accumulating partially at lower levels could be a viable strategy, given the potential for long-term recovery. However, traders seeking short-term gains should wait for a clear reversal signal before taking fresh positions. On the upside, 275 remains a key resistance level. A sustainable move above this level would confirm a trend reversal and could open the door for further bullish momentum,” Hardik Matalia further commented.

Disclaimer

The recommendations made above are by market analysts and are not advised by either the author, nor Greynium Information Technologies. The author, nor the brokerage firm nor Greynium would be liable for any losses caused as a result of decisions based on this write-up. Goodreturns.in advises users to consult with certified experts before making any investment decision.

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