ONGC Dividend: Rs 6/Share Payout, 20th November Record Date; BUY Maharatna PSU Stock?

The largest natural gas and crude oil company in India is Maharatna Oil and Natural Gas Corporation Ltd (ONGC). With operations across the entire hydrocarbon value chain, ONGC is the only fully integrated oil and gas firm in India. The Ministry of Petroleum and Natural Gas oversees the operations of ONGC, which has its registered office in New Delhi.

ONGC Dividend

"The Board of Directors has declared 1st Interim dividend at the rate Rs 6 per equity share of face value of Rs 5/- each i.e. @120% for the Financial Year 2024-25. As informed vide letter dated 06.11.2024, Wednesday, the 20th November, 2024 has been fixed as "Record Date" for determining eligibility of shareholders for payment of 1st Interim Dividend," said the company in a regulatory filing.

"Board has approved interim dividend of 120%, i.e. Rs 6.00 on each equity share of Rs 5. The total payout on this account will be Rs 7,548 Crore. The Record date for distribution of dividend has been fixed for 20th November 2024 which has been intimated to the stock exchanges," ONGC further informed stock exchanges.

ONGC Financials

At its 388th meeting, which took place on November 11, 2024, the ONGC Board approved the FY 2024-25 second quarter (Q2) results. 4.576 MMT of standalone crude oil were produced in Q2 of FY25, representing a 0.7% increase over the same quarter in FY24. In a similar vein, H1 FY25 had 9.204 MMT of standalone crude oil production, up 0.8% from H1 FY24.

In comparison to Q2 FY24, when its standalone net profit was Rs 10,238.10 crore, Oil and Natural Gas Corporation (ONGC) recorded a 17.05% rise to Rs 11,984.02 crore in Q2 FY25. Nevertheless, for the quarter that ended on September 30, 2024, revenue from operations fell 3.6% year over year to Rs 33,880.88 crore. The quarter's profit before tax (PBT) was Rs 15,036 crore, a boost of 11.37% over the Rs 13,501.01 crore reported in the same quarter the previous year. Despite a 7.3% increase in revenue from operations to Rs 1,58,329.09 crore in Q2 FY25 compared to Q2 FY24, the company's net profit fell 25% year over year to Rs 10,272.50 crore on a consolidated basis.

ONGC Share Price Target

Mandar Bhojane - Equity Research Analyst at Choice Broking said, "ONGC is currently trading at Rs 257, following a strong bearish trend characterized by lower lows and lower highs. The stock has faced persistent selling pressure, which, along with declining trading volumes, suggests that the downtrend may continue. Key resistance levels to watch are near Rs 275; a close above this point could signal a potential trend reversal."

"Should this occur, short-term targets could be set at Rs 300 and Rs 335. On the downside, immediate support levels are at Rs 245 and Rs 225, which may present buying opportunities if there's a trend reversal from these levels. The Relative Strength Index (RSI) is at 31.1, indicating significant selling pressure as it trends downward. Additionally, ONGC is trading below its 20-day, 50-day, and 200-day Exponential Moving Averages (EMAs), reinforcing the bearish outlook," the analyst further recommended.

Disclaimer

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