JSW Steel Review
JP MORGAN
Neutral, TP cut to Rs 610
Strong Operating Qtr; Large Capex over FY23-24
Co expects exports at 15-20% of its sales vol in FY23
Had cut domestic prices by Rs2000/t in early May & expects a larger price fall in June but overall sees 1Q ASP/t to be higher vs 4Q
JP MORGAN
Neutral, TP cut to Rs 610
Strong Operating Qtr; Large Capex over FY23-24
Co expects exports at 15-20% of its sales vol in FY23
Had cut domestic prices by Rs2000/t in early May & expects a larger price fall in June but overall sees 1Q ASP/t to be higher vs 4Q
JSW Steel Review
Nomura
Downgrade to reduce, TP cut to Rs 500
Profitability to remain under near-term pressure as export duties stall price hikes at a time of rising cost inflation
Steel spreads may further compress in 1QFY23F
Nomura
Downgrade to reduce, TP cut to Rs 500
Profitability to remain under near-term pressure as export duties stall price hikes at a time of rising cost inflation
Steel spreads may further compress in 1QFY23F
*Business news*
*Macro*
• India Plans $387 Milllion Project to Upgrade Paradip Port
• The World Isn’t Spending Enough to Prevent Disasters, UN Says
• More Russian Oil Than Ever Before Is Heading for China and India
• Indian State Energy Group’s $122M Dividend Stuck in Russia
• Ships Divert to India as Sri Lanka Crisis Slows Colombo Port
• India’s SEBI Updates Procedural Rules for Defaulting Brokers
• Mahindra Profit Exceeds Estimates as Automobile Sales Rebound
• Musk Wants Market Access for Tesla Before Building Local Plants
• India’s DGCA Fines IndiGo for Special Needs Child Incident
• India’s FX Reserves Rise $4.72b to $597.5b in Week to May 20
o India Official Reserves Rise After 10 Weeks of Decrease
• Supertanker Receives Urals Crude via STS Transfer off Fujairah
• Rice Giant Thailand Wants to Coordinate Price Hikes With Vietnam
• 2021-22 Sugar Market to Flip to Surplus on India Exports: ISO
• Indian Underwriters Partially Rescue Weekly Bond Auction
• Conditions Good for India Monsoon Onset Over Kerala
• Growth in Non-Par Policies, Dividend in Focus for LIC: Preview
*Fund flows*
• Global Funds Sell Net INR19.4B of India Stocks Friday: NSE
o Domestic funds buy net 27.3b rupees of stocks
• Foreign Investors Sell Net INR5.64B of Indian Equities Thursday
• Foreigners Buy Net INR68.05B of Indian Equity Derivatives Friday
*Results & Developments*
• Aarti Industries (ARTO): 4Q Net Income 1.94b rupees, +43% Y/y, Beats Est. 1.66b; Revenue 17.6b rupees, +45% y/y
• Adani Enterprises (ADE): To Buy 50% in Local Agri-Focused Drone Maker
• Adani Green (ADANIGR): Says Unit Commissions 390-MW Wind- Solar Power Plant
• Bharat Petroleum (BPCL): Numaligarh Refinery Plans One-Month Maintenance From Mid-March
• City Union Bank (CUBK): 4Q Net Income 2.09b rupees, +88% y/y, est. 1.93b; Provisions +38% q/q to 1.71b; Gross NPA 4.7% vs. 5.21% q/q
• Crompton Greaves (CROMPTON): 4Q Net Income 1.82b rupees, -26% y/y, est. 1.86b
• Edelweiss Fin (EDEL): 4Q Net Income 424.5M Rupees Vs. 6.29B Rupees Y/y
• Engineers India (ENGR): 4Q group profit 791.2m rupees vs. 249.3m year ago; Revenue 8.18b vs. 11.3b
• Finolex Cables (FNXC): 4Q Net Income 2.24B Rupees Vs. 1.68B Rupees Y/y
• FSN E-Commerce Ventures (NYKAA): 4Q Net Income 85.6m rupees, -69% q/q, Misses est. 231.5m
• GAIL India (GAIL): Says No Disruption in Gazprom Supplies on Russia Sanctions
• Glenmark Pharma (GNP): 4Q Net Income 1.56b rupees, -33% y/y, misses est. 2.02b
• Hindustan Copper (HCP): 4Q Net Income 889.9M Rupees vs. loss 368.1m y/y; Revenue +4.4% to 5.45b
• Info Edge India (INFOE): 4Q Net Income 1.21b rupees, +74% y/y, est. 1.29b; Revenue +52% to 4.56b
• JSW Steel (JSTL): 4Q Profit 32.3b rupees, -23% Y/y, Misses Est. 45.58b; Seeks to Raise $1.8B
• Jubilant Pharmova (JUBLPHAR): 4Q Net Income 595.5m rupees, -72% y/y, est. 635.7m; Revenue -3.2% to 15.3b
• Karnataka Bank (KBL): 4Q Net Income 1.30B Rupees Vs. 313.6M Rupees Y/y
• Mahindra & Mahindra (MM):4Q Net Income 12.9b rupees vs. 2.45b y/y, beats est. 12.1b; Revenue +28% to 171.2b
• Oil India (OINL): 4Q Net Income 16.3b rupees, +92% y/y, est. 16.5b; Revenue +74% to 44.8b; Dividend INR5 rupees/share
• Oil & Natural Gas Corp (ONGC) 4Q Net Income 88.6b rupees, +32% y/y, Misses est. 109.3b; Revenue +63% to 345b; Dividend 3.25 rupees/share
• PB Fintech (POLICYBZ): 4Q Net Loss 2.2B Rupees Vs. Loss 2.98B Rupees Q/Q; Revenue +46% q/q to 5.4b
• Sun TV (SUNTV): 4Q Net Income 4.04b rupees, -10% y/y, est. 4.12b; Revenue +6.5% to 8.33b
• TCI Express (TCIEXP): Approves up to INR750m Buyback at INR2,050/Share
• United Spirits (UNSP): 4Q Net Income 1.36B Rupees, -19% Y/Y; Approves Sale of 32 Brands, Franchising of 11
o Diageo to Sell 32 Indian Brands to Inbrew for $106 Million
*Macro*
• India Plans $387 Milllion Project to Upgrade Paradip Port
• The World Isn’t Spending Enough to Prevent Disasters, UN Says
• More Russian Oil Than Ever Before Is Heading for China and India
• Indian State Energy Group’s $122M Dividend Stuck in Russia
• Ships Divert to India as Sri Lanka Crisis Slows Colombo Port
• India’s SEBI Updates Procedural Rules for Defaulting Brokers
• Mahindra Profit Exceeds Estimates as Automobile Sales Rebound
• Musk Wants Market Access for Tesla Before Building Local Plants
• India’s DGCA Fines IndiGo for Special Needs Child Incident
• India’s FX Reserves Rise $4.72b to $597.5b in Week to May 20
o India Official Reserves Rise After 10 Weeks of Decrease
• Supertanker Receives Urals Crude via STS Transfer off Fujairah
• Rice Giant Thailand Wants to Coordinate Price Hikes With Vietnam
• 2021-22 Sugar Market to Flip to Surplus on India Exports: ISO
• Indian Underwriters Partially Rescue Weekly Bond Auction
• Conditions Good for India Monsoon Onset Over Kerala
• Growth in Non-Par Policies, Dividend in Focus for LIC: Preview
*Fund flows*
• Global Funds Sell Net INR19.4B of India Stocks Friday: NSE
o Domestic funds buy net 27.3b rupees of stocks
• Foreign Investors Sell Net INR5.64B of Indian Equities Thursday
• Foreigners Buy Net INR68.05B of Indian Equity Derivatives Friday
*Results & Developments*
• Aarti Industries (ARTO): 4Q Net Income 1.94b rupees, +43% Y/y, Beats Est. 1.66b; Revenue 17.6b rupees, +45% y/y
• Adani Enterprises (ADE): To Buy 50% in Local Agri-Focused Drone Maker
• Adani Green (ADANIGR): Says Unit Commissions 390-MW Wind- Solar Power Plant
• Bharat Petroleum (BPCL): Numaligarh Refinery Plans One-Month Maintenance From Mid-March
• City Union Bank (CUBK): 4Q Net Income 2.09b rupees, +88% y/y, est. 1.93b; Provisions +38% q/q to 1.71b; Gross NPA 4.7% vs. 5.21% q/q
• Crompton Greaves (CROMPTON): 4Q Net Income 1.82b rupees, -26% y/y, est. 1.86b
• Edelweiss Fin (EDEL): 4Q Net Income 424.5M Rupees Vs. 6.29B Rupees Y/y
• Engineers India (ENGR): 4Q group profit 791.2m rupees vs. 249.3m year ago; Revenue 8.18b vs. 11.3b
• Finolex Cables (FNXC): 4Q Net Income 2.24B Rupees Vs. 1.68B Rupees Y/y
• FSN E-Commerce Ventures (NYKAA): 4Q Net Income 85.6m rupees, -69% q/q, Misses est. 231.5m
• GAIL India (GAIL): Says No Disruption in Gazprom Supplies on Russia Sanctions
• Glenmark Pharma (GNP): 4Q Net Income 1.56b rupees, -33% y/y, misses est. 2.02b
• Hindustan Copper (HCP): 4Q Net Income 889.9M Rupees vs. loss 368.1m y/y; Revenue +4.4% to 5.45b
• Info Edge India (INFOE): 4Q Net Income 1.21b rupees, +74% y/y, est. 1.29b; Revenue +52% to 4.56b
• JSW Steel (JSTL): 4Q Profit 32.3b rupees, -23% Y/y, Misses Est. 45.58b; Seeks to Raise $1.8B
• Jubilant Pharmova (JUBLPHAR): 4Q Net Income 595.5m rupees, -72% y/y, est. 635.7m; Revenue -3.2% to 15.3b
• Karnataka Bank (KBL): 4Q Net Income 1.30B Rupees Vs. 313.6M Rupees Y/y
• Mahindra & Mahindra (MM):4Q Net Income 12.9b rupees vs. 2.45b y/y, beats est. 12.1b; Revenue +28% to 171.2b
• Oil India (OINL): 4Q Net Income 16.3b rupees, +92% y/y, est. 16.5b; Revenue +74% to 44.8b; Dividend INR5 rupees/share
• Oil & Natural Gas Corp (ONGC) 4Q Net Income 88.6b rupees, +32% y/y, Misses est. 109.3b; Revenue +63% to 345b; Dividend 3.25 rupees/share
• PB Fintech (POLICYBZ): 4Q Net Loss 2.2B Rupees Vs. Loss 2.98B Rupees Q/Q; Revenue +46% q/q to 5.4b
• Sun TV (SUNTV): 4Q Net Income 4.04b rupees, -10% y/y, est. 4.12b; Revenue +6.5% to 8.33b
• TCI Express (TCIEXP): Approves up to INR750m Buyback at INR2,050/Share
• United Spirits (UNSP): 4Q Net Income 1.36B Rupees, -19% Y/Y; Approves Sale of 32 Brands, Franchising of 11
o Diageo to Sell 32 Indian Brands to Inbrew for $106 Million
MS on FSN E-Com(Nykaa)
OW, TP Rs 1845
4Q performance was in-line on GMV & topline, albeit lower on margins.
Good traction on customer acquisition, GMV growth, & increased disclosure levels were key +ves
GS on FSN E-com (Nykaa)
Buy, TP Rs 1730
4Q: Miss on GMV/rev but margins in-line
Nykaa expects GMV contribution from offline to remain at high single digit to low double-digits, given smaller assortment in physical stores vs that online
OW, TP Rs 1845
4Q performance was in-line on GMV & topline, albeit lower on margins.
Good traction on customer acquisition, GMV growth, & increased disclosure levels were key +ves
GS on FSN E-com (Nykaa)
Buy, TP Rs 1730
4Q: Miss on GMV/rev but margins in-line
Nykaa expects GMV contribution from offline to remain at high single digit to low double-digits, given smaller assortment in physical stores vs that online
GAIL Review
JPM
OW, TP Rs 205
Underlying earnings strong; policy an overhang near-term, though co least exposed
While spot LNG prices have declined from peak & Henry hub prices have climbed higher, see upside risk to spot LNG prices for 2HFY23
GAIL Review
CLSA
Buy, TP raised to Rs 195 from Rs 180
Strong core performance
8%/9% Ebitda/Ebit beat on better-than-expected profit from gas trading & petchem
Building-in higher crude price estimates, lift FY23CL/24CL EPS by 18%/8%
JPM
OW, TP Rs 205
Underlying earnings strong; policy an overhang near-term, though co least exposed
While spot LNG prices have declined from peak & Henry hub prices have climbed higher, see upside risk to spot LNG prices for 2HFY23
GAIL Review
CLSA
Buy, TP raised to Rs 195 from Rs 180
Strong core performance
8%/9% Ebitda/Ebit beat on better-than-expected profit from gas trading & petchem
Building-in higher crude price estimates, lift FY23CL/24CL EPS by 18%/8%
JSW Steel Review
Nomura
Downgrade to reduce, TP cut to Rs 500
Profitability to remain under near-term pressure as export duties stall price hikes at a time of rising cost inflation
Steel spreads may further compress in 1QFY23F
JSW Steel Review
CLSA
Sell, TP cut to Rs 500 from Rs 550
Cost pressure unrelenting
4Q Ebitda in line; uncertainty to drive underperformance
While co is hopeful of a roll-back of recently imposed export duty, est higher coking coal costs to weigh on profitability
Nomura
Downgrade to reduce, TP cut to Rs 500
Profitability to remain under near-term pressure as export duties stall price hikes at a time of rising cost inflation
Steel spreads may further compress in 1QFY23F
JSW Steel Review
CLSA
Sell, TP cut to Rs 500 from Rs 550
Cost pressure unrelenting
4Q Ebitda in line; uncertainty to drive underperformance
While co is hopeful of a roll-back of recently imposed export duty, est higher coking coal costs to weigh on profitability
Stocks in News
Adani Defence Systems and Technologies, a wholly owned subsidiary of Adani Enterprises, has signed definitive agreement to acquire 50 percent stake in General Aeronautics. Adani Defence Systems and Technologies Limited shall leverage its military drone and AI/ML capabilities and work with General Aeronautics for providing end to end solutions for agriculture sector. General Aeronautics provides robotic drones and drone based solutions for crop protection services, crop health, precision- farming and yield monitoring using artificial intelligence and analytics for the agricultural sector.
Arvind Fashions' Q4 revenue rose 34 percent YoY to Rs 917 crore as compared to Rs 685 crore, led by a strong bounce back in demand and strong footfalls, reflected in 20 percent like to like (LTL) growth in February-March 2022. The company reported a marginal profit of Rs 1 crore as compared to a loss of Rs 45 crore during the same period last year.
TCI Express' Q4 profit fell 15.6 percent YoY to Rs 35.93 crore, compared to Rs 42.57 crore in the prior year period. The regional restrictions due to COVID, impacted the performance of the company. However, revenue for the quarter improved by 7.3 percent to Rs 300 crore as compared to Rs 280 crore last year. The company recommended a dividend of Rs 2.00 per equity share of Rs 1 each for the financial year ended March 31, 2022.
Welspun Corp's Q4 profit slumped 30.4 percent year-on-year to Rs 263.5 crore as compared to a profit of Rs 379 crore in the year ago period, due to higher global energy prices and rise of commodity prices. Revenue for the quarter dipped marginally by 1.2 percent on year to Rs 2,011 crore as compared to Rs 2,035 crore a year ago. The company has recommended a final dividend of Rs 5 per share for FY22.
HUDCO's Q4 consolidated net profit jumped 42 percent YoY to Rs 746.85 crore for the March ending quarter as compared to Rs 526.28 crore during the same period last year, aided by lower finance costs and impairment credit. Revenue for the housing development company remained flat with a marginal decline of 1.8 percent to Rs 1,727 crore as compared to 1,759 crore during the prior year period.
Sun TV Network's Q4 consolidated net profit fell 16 percent to Rs 410 crore as compared to Rs 488 crore due to higher operating and other expenses. The revenue for the quarter inched higher by 7 percent to Rs 857 crore compared to Rs 803 crore during the prior year period.
FSN E-Commerce (Nykaa) Q4 profit fell 33 percent YoY to Rs 413 crore compared to Rs 616 crore last year, due to steep rise in marketing and other operating expenses. Revenue came in higher by 55 percent on year to Rs 3,774 crore.
JSW Steel's consolidated Q4 profit declined 23 percent YoY to Rs 3,234 crore as against Rs 4,198 crore during the prior year period due to surge in cost of raw materials, power & fuel, other expenses and inventory costs. Consolidated revenue rose 74 percent on-year to Rs 46,895 crore as compared to a net revenue of Rs 26,934 crore registered in the year-ago quarter. The company has recommended a dividend of Rs 17.35 per equity share of Rs 1 each for the year ended 31 March 2022.
United Spirits' Q4 consolidated profit fell 12 percent YoY to Rs 178.6 crore compared to Rs 203 crore earned during the same period last year, due to higher raw material and marketing expenses. Revenue remained flat with a marginal growth of 1.2 percent to Rs 7,767 crore as compared to Rs 7,678 crore last year.
Adani Defence Systems and Technologies, a wholly owned subsidiary of Adani Enterprises, has signed definitive agreement to acquire 50 percent stake in General Aeronautics. Adani Defence Systems and Technologies Limited shall leverage its military drone and AI/ML capabilities and work with General Aeronautics for providing end to end solutions for agriculture sector. General Aeronautics provides robotic drones and drone based solutions for crop protection services, crop health, precision- farming and yield monitoring using artificial intelligence and analytics for the agricultural sector.
Arvind Fashions' Q4 revenue rose 34 percent YoY to Rs 917 crore as compared to Rs 685 crore, led by a strong bounce back in demand and strong footfalls, reflected in 20 percent like to like (LTL) growth in February-March 2022. The company reported a marginal profit of Rs 1 crore as compared to a loss of Rs 45 crore during the same period last year.
TCI Express' Q4 profit fell 15.6 percent YoY to Rs 35.93 crore, compared to Rs 42.57 crore in the prior year period. The regional restrictions due to COVID, impacted the performance of the company. However, revenue for the quarter improved by 7.3 percent to Rs 300 crore as compared to Rs 280 crore last year. The company recommended a dividend of Rs 2.00 per equity share of Rs 1 each for the financial year ended March 31, 2022.
Welspun Corp's Q4 profit slumped 30.4 percent year-on-year to Rs 263.5 crore as compared to a profit of Rs 379 crore in the year ago period, due to higher global energy prices and rise of commodity prices. Revenue for the quarter dipped marginally by 1.2 percent on year to Rs 2,011 crore as compared to Rs 2,035 crore a year ago. The company has recommended a final dividend of Rs 5 per share for FY22.
HUDCO's Q4 consolidated net profit jumped 42 percent YoY to Rs 746.85 crore for the March ending quarter as compared to Rs 526.28 crore during the same period last year, aided by lower finance costs and impairment credit. Revenue for the housing development company remained flat with a marginal decline of 1.8 percent to Rs 1,727 crore as compared to 1,759 crore during the prior year period.
Sun TV Network's Q4 consolidated net profit fell 16 percent to Rs 410 crore as compared to Rs 488 crore due to higher operating and other expenses. The revenue for the quarter inched higher by 7 percent to Rs 857 crore compared to Rs 803 crore during the prior year period.
FSN E-Commerce (Nykaa) Q4 profit fell 33 percent YoY to Rs 413 crore compared to Rs 616 crore last year, due to steep rise in marketing and other operating expenses. Revenue came in higher by 55 percent on year to Rs 3,774 crore.
JSW Steel's consolidated Q4 profit declined 23 percent YoY to Rs 3,234 crore as against Rs 4,198 crore during the prior year period due to surge in cost of raw materials, power & fuel, other expenses and inventory costs. Consolidated revenue rose 74 percent on-year to Rs 46,895 crore as compared to a net revenue of Rs 26,934 crore registered in the year-ago quarter. The company has recommended a dividend of Rs 17.35 per equity share of Rs 1 each for the year ended 31 March 2022.
United Spirits' Q4 consolidated profit fell 12 percent YoY to Rs 178.6 crore compared to Rs 203 crore earned during the same period last year, due to higher raw material and marketing expenses. Revenue remained flat with a marginal growth of 1.2 percent to Rs 7,767 crore as compared to Rs 7,678 crore last year.
*Nifty Technical Outlook*
The 16400 wall that had turned down atleast three bold upside attempts in the last 30 days, still stands firm, but will be facing one of the strongest challenges shortly, as the event risks in the coming fortnight hold an element of positive surprise as well. The argument that Nifty’s bounce is off just the 23% fibo of the 2020 rally, loses its voice when compared with S&P 500’s turn higher from the 62% fibo, bouncing over 7%, and with more room for upside before mean reversion challenges surface. This encourages us to stick with a 16750 move initiated last week, even though the default approach would be to expect rejection trades at 16415. The downside risk level identified as 16084 last Friday will be moved higher to 16186/51 region. Infact, there is no doubt that Nifty is poised for a gigantic move shortly. Being at the upper extremity of a month old parallel consolidation range, downsides have a 1400 point potential, as opposed to 700 point potential for upsides, as a measure of the range and the side that Nifty would be coming out of. That said, the fortnight ahead will be one for the risk takers.
The 16400 wall that had turned down atleast three bold upside attempts in the last 30 days, still stands firm, but will be facing one of the strongest challenges shortly, as the event risks in the coming fortnight hold an element of positive surprise as well. The argument that Nifty’s bounce is off just the 23% fibo of the 2020 rally, loses its voice when compared with S&P 500’s turn higher from the 62% fibo, bouncing over 7%, and with more room for upside before mean reversion challenges surface. This encourages us to stick with a 16750 move initiated last week, even though the default approach would be to expect rejection trades at 16415. The downside risk level identified as 16084 last Friday will be moved higher to 16186/51 region. Infact, there is no doubt that Nifty is poised for a gigantic move shortly. Being at the upper extremity of a month old parallel consolidation range, downsides have a 1400 point potential, as opposed to 700 point potential for upsides, as a measure of the range and the side that Nifty would be coming out of. That said, the fortnight ahead will be one for the risk takers.
The Rbi Annual Report: Let’s Judge It By Its Cover | Mint - https://www.livemint.com/opinion/online-views/the-rbi-annual-report-let-s-judge-it-by-its-cover-11653842600900.html?utm_source%3Dshare%26utm_medium%3Dsocial%26utm_campaign%3Dshare_via_amp Download mint app for latest in Business News - https://bit.ly/32XEfFE
mint
The RBI annual report: Let’s judge it by its cover
The rupee is being weakened by inflation. RBI’s report would have served better had it offered some clarity on how it views its mandate and the effect of over-loose money on price stability
Asia-Pacific stocks rise ahead of major economic data this week
https://www.cnbc.com/2022/05/30/asia-markets-china-economy-currencies-oil.html?__source=androidappshare
https://www.cnbc.com/2022/05/30/asia-markets-china-economy-currencies-oil.html?__source=androidappshare
CNBC
Japan's Nikkei 225 jumps close to 2% as Asia stocks rise ahead of major economic data this week
China is set to announce its official manufacturing Purchasing Managers' Index for May on Tuesday, while U.S. jobs data is expected Friday.
Elon Musk highest-paid CEO, followed by Tim Cook: Report
https://timesofindia.indiatimes.com/business/international-business/elon-musk-highest-paid-ceo-followed-by-tim-cook-report/articleshow/91869120.cms
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The Times of India
musk: Elon Musk highest-paid CEO, followed by Tim Cook: Report - Times of India
International Business News: After Musk, the 10 most highly compensated Fortune 500 CEOs of 2021 are all tech and biotech CEOs, including the heads of Apple (Tim Cook), Netflix (R
FPI sell-off continues; pull out ₹39,000 crore from equities in May so far https://www.livemint.com/market/stock-market-news/fpi-sell-off-continues-pull-out-rs-39-000-crore-from-equities-in-may-so-far-11653802556112.html
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mint
FPI sell-off continues; pull out ₹39,000 crore from equities in May so far
With this, the net outflow by foreign portfolio investors (FPIs) from equities has reached ₹1.66 lakh crore so far in 2022
Advanced economies to be back on track by 2024: Gopinath
https://timesofindia.indiatimes.com/business/international-business/advanced-economies-to-be-back-on-track-by-2024-gopinath/articleshow/91785527.cms
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The Times of India
Advanced economies to be back on track by 2024: Gopinath - Times of India
International Business News: Advanced economies will be back on track by 2024, but developing economies will be 5 per cent below where they would have been otherwise, IMF's Gita
ONGC reports highest net profit of Rs 40,306 cr; becomes India's 2nd most profitable firm
https://timesofindia.indiatimes.com/business/india-business/ongc-reports-highest-net-profit-of-rs-40306-cr-becomes-indias-2nd-most-profitable-firm/articleshow/91865137.cms
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The Times of India
ONGC reports highest net profit of Rs 40,306 cr; becomes India's 2nd most profitable firm - Times of India
India Business News: On the back of the best-ever price it earned on crude oil it produces, state-owned Oil and Natural Gas Corporation (ONGC) reported a record net profit