FINWIRES · TerminalLIVE
FINWIRES

ONGC's Attributable Profit Climbs as Upstream Business Powers Fiscal Q1

By
ONGC's Attributable Profit Climbs as Upstream Business Powers Fiscal Q1

Oil and Natural Gas (NSE:ONGC, BOM:500312) reported higher attributable profit in the fiscal first quarter as stronger earnings from its upstream business offset a sharp loss at subsidiary Hindustan Petroleum or HPCL (BOM:500104, NSE:HINDPETRO).

Profit attributable to owners of the parent rose 21% to 119 billion rupees in the quarter ended June 30 from 98 billion rupees a year earlier, according to the company's earnings release on Tuesday.

Diluted earnings per share increased to 9.46 rupees from 7.79 rupees a year earlier. Consolidated revenue increased 26% to 2.05 trillion rupees from 1.63 trillion rupees.

Consolidated net profit, however, fell 43% to 65.5 billion rupees from 115.5 billion rupees, reflecting HPCL's losses.

ONGC said HPCL posted a consolidated net loss of 122.7 billion rupees during the quarter, primarily due to under-recoveries on petroleum products following the sharp rise in crude oil prices triggered by the West Asia crisis.

The company added that stronger performances from ONGC Videsh and Mangalore Refinery and Petrochemicals helped support the group's overall results.

"Projects of more than 400 billion rupees [are] currently under implementation" in the Western Offshore region, ONGC said.

It expects the benefits to "progressively materialize from FY 2027-28 onwards, leading to enhanced production, improved recovery, and sustained value creation in the years ahead," the statement added.

Standalone crude oil production edged down to 4.45 million metric tons from 4.68 million metric tons a year earlier, while natural gas production slipped to 4.76 billion cubic meters from 4.85 billion cubic meters.

The company attributed the decline to reservoir complexities in the KG-98/2 block, adverse weather conditions in the Western Offshore, and temporary well shutdowns linked to major project commissioning.

Related Articles

India Seeks Up to 314 Billion Rupees From Life Insurance Corp. Stake Sale
US Markets

India Seeks Up to 314 Billion Rupees From Life Insurance Corp. Stake Sale

The Indian government opened an offer for sale of an up to 6.5% stake in Life Insurance Corp. (NSE:LICI, BOM:543526) in a deal that could fetch up to 314.1 billion rupees, according to an exchange filing.The government will divest an at least 2.5% stake in LIC, or 316 million shares, with an option to offload an additional 4%, or 506 million shares at a floor price of 382 rupees apiece.The offer price represents a 10% premium to LIC's closing price of 424.35 rupees on Monday.IIFL Capital Services, BNP Paribas, Goldman Sachs and Motilal Oswal Investment Advisors are serving as brokers of the share sale.The share sale will help the government meet minimum public shareholding requirements, the Department of Investment and Public Asset Management (DIPAM) said in an X post on Monday.The stake sale is part of the government's minimum public shareholding goal, which requires all listed companies to maintain at least 25% public float.As of the end of the June quarter, the government held a 96.5% stake in LIC. Under new listing rules, LIC is required to maintain a public float of 25% within five years from its 2022 listing.In May 2022, India sold a 3.5% stake in LIC in what was the country's largest initial public offering at the time. The IPO raised 210 billion rupees.

BOM:543526NSE:LICI
Palantir Raises Sales Guidance as US Commercial Growth Drives Second-Quarter Beat
US Markets

Palantir Raises Sales Guidance as US Commercial Growth Drives Second-Quarter Beat

Palantir Technologies (PLTR) lifted its full-year revenue guidance on Monday after a surge in US commercial sales drove stronger-than-expected second-quarter results.The company raised its 2026 revenue outlook to between $8.150 billion and $8.158 billion from $7.650 billion and $7.662 billion. Analysts expect $7.73 billion.Palantir forecasts third-quarter sales of $2.160 billion to $2.164 billion, compared with Wall Street's $2 billion estimate.Palantir's software is used by both government and commercial enterprises, including the American defense sector.Adjusted earnings for the second quarter were $0.41 per share, compared with the FactSet-polled consensus of $0.34. Consolidated revenue soared 93% to $1.94 billion, ahead of the Street's view for $1.81 billion.US revenue more than doubled year over year at $1.57 billion, with commercial sales rallying 149% to $764 million, Palantir said. US government revenue climbed 90% to $809 million.Shares of Palantir were up 12% in after-hours trading, but had fallen 29% this year through Monday close.RBC Capital Markets said last week that Palantir's valuation was unattractive, with the risk/reward balance skewed to the downside.The Middle East conflict likely buoyed Palantir's government contract values in the second quarter, but its enterprise clients were understood to be considering leaving the platform amid intense competition, RBC said in a note on July 30."While shares have come down recently, (Palantir) remains the most expensive stock across our RBC All-(Software as a Service) universe," the brokerage said. "We struggle to underwrite a scenario that justifies current valuation levels."

$PLTR
Update: Dow Hits Record High as Oil Prices Slide on Iran Deal Hopes
US Markets

Update: Dow Hits Record High as Oil Prices Slide on Iran Deal Hopes

(Updates with market moves at the end of the day, and other changes, if any.)The Dow Jones Industrial Average hit an all-time high on Monday as Wall Street extended its rally into the third day, while hopes for a US-Iran deal sent oil prices lower.The Dow rose 1.3% to 53,178.41, notching a record closing high. The Nasdaq Composite advanced 2.1% to 25,913.90, while the S&P 500 climbed 1.5% to 7,600.50. Most sectors were in the green, led by communication services' 4.3% jump, while energy led the laggards.West Texas Intermediate crude oil tumbled 5.2% to $80.29 a barrel in Monday late-afternoon trade, while Brent dropped 4.7% to $83.80.President Donald Trump said Monday that the US is in talks with Iran. He previously called off a planned attack against Tehran."Hopes of a peace deal in the Middle East weighed on crude prices," D.A. Davidson said Monday in a note.However, Iranian Foreign Ministry spokesperson Esmail Baghaei on Monday ruled out an immediate plan to negotiate with Washington, according to news reports. Tehran was in talks with Oman regarding the Strait of Hormuz, the world's most important chokepoint for crude flows, Baghaei reportedly said.Treasury yields were lower, with the 10-year rate down 6.1 basis points at 4.68% and the two-year rate falling 3.7 basis points to 4.25%.In company news, Boeing (BA) shares jumped 8%, the best performer on the Dow. The planemaker has received the US Federal Aviation Administration's clearance for its 737 Max 7, paving the way for the model's launch after nearly a decade of regulatory review.Atkore (ATKR) jumped 28% after the electrical products manufacturer announced a $3.8 billion deal to be acquired by Italian cable maker Prysmian.Marriott International (MAR) was the worst performer on the S&P 500, down 7%. The hotel giant reported second-quarter revenue below Wall Street's estimates amid headwinds related to the Middle East conflict, while it provided a downbeat earnings outlook for the ongoing three-month period.Major companies including SpaceX (SPCX), Eli Lilly (LLY), Advanced Micro Devices (AMD), Caterpillar (CAT), Merck (MRK), McDonald's (MCD), Walt Disney (DIS), Shopify (SHOP) and Uber Technologies (UBER) are slated to release their quarterly results this week.In economic news, the US manufacturing sector continued to grow in July, with Institute for Supply Management data indicating the fastest expansion rate in more than four years and S&P Global (SPGI) signaling steady growth pace.Spot gold edged up 0.2% to $4,052.94 per troy ounce, while silver rose 1% to $58.34 per ounce.

Dow JonesNasdaq CompositeS&P 500$AMD$ATKR$BA$CAT$DIS$LLY$MAR$MCD$MRK$SHOP$SPCX$SPGI$UBER