ONGC may edge higher as Q1 PAT rises 12%

New Delhi : ONGC's net profit rose 11.83% to Rs. 4094.90 crore on 18.7% rise in sales revenue to Rs. 16268 crore in Q1 June 2011 over Q1 June 2010. A sharp surge in the company's subsidy sharing burden restricted profit growth at the state-run oil exploration major. ONGC's subsidy burden swelled 118.4% to Rs. 12046 crore in Q1 June 2011 over Q1 June 2010. The result was announced after trading hours on Thursday, 28 July 2011. ACC's consolidated net profit fell 6.11% to Rs. 328.12 crore on 17.17% rise in sales turnover to Rs. 2538.97 crore in Q2 June 2011 over Q2 June 2010. The result was announced after trading hours on Thursday, 28 July 2011. ACC said while market conditions are presently subdued, the overall cement demand will pick up post monsoon and ACC is well placed to benefit from this expected increase in demand in the coming months.