ONGC net profit up 6%; announces bonus share

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Oil and Natural Gas Corp has reported a six per cent rise in its second-quarter net profit and announced a bonus share to increase liquidity ahead of government disinvestment.
Net profit of Rs 4,974.92 crore in the July-September quarter of the current fiscal was 6.2 per cent higher than Rs 4,681.39 crore earning in the same period a year ago, the company said in a regulatory filing.
ONGC said in a statement that its board approved the issue of bonus shares in the proportion of one new equity share for every two existing ones of Rs 5 each.
With all of its about Rs 14,000 crore cash committed to future projects and capital expenditure, the company favored issuing bonus shares rather than cash dividends as a method of providing income to shareholders.
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