ONGC eyes Venezuela oil rights as Q2 profit rises 57.3%
In short
ONGC said it may get operating rights at two oil projects in Venezuela in the coming months. The company also posted a 57.3% rise in September-quarter profit.
What the reporting says
ONGC said it could secure operating rights at two Venezuelan oil projects in the coming months, while its September-quarter profit rose 57.3% year on year, according to a Mint Markets summary. The report says Nuvama kept a Reduce rating, citing persistent production declines. The shares are likely to stay in focus as investors weigh the overseas project update against weaker output trends.
Why it matters
ONGC’s shares were highlighted after the company said it could secure operating rights at two Venezuelan oil projects in the coming months. The same summary says its September-quarter profit rose 57.3% year on year, but Nuvama maintained a Reduce call because production has continued to decline. Investors are weighing the possible Venezuela upside against that operating weakness.