ONGC Q1 net rises to Rs 4,119 cr

ONGC Q1 net profit for the quarter ended June 2006 rose 24 per cent to Rs 4,119 crore (Rs 41.19 billion) when compared to Rs 3,319 crore (Rs 33.19 billion)  in the corresponding quarter last year.

According to a release issued by ONGC to the Bombay Stock Exchange on Wednesday, the company's Q1 total income grew 34.5 per cent to Rs 15,023 crore (Rs 150.23 billion) in June 2006 from Rs 11,168 crore (Rs 111.68 billion) in June 2005.

Further, the company's board has recommended a bonus issue of 1:2 equity shares, ie one free share for every shareholder holding two shares. The proposal will be placed before the annual general meeting for shareholder approval.