Current Affairs

ONGC becomes India's Most Profitable Public Sector Company

Oil and Natural Gas Corporation (ONGC), India's top oil and gas producer, has toppled Indian Oil Corporation (IOC) to regain the crown of being the country's most profitable public sector company.
ONGC becomes India's Most Profitable Public Sector Company

Details:

  • Oil and Natural Gas Corporation (ONGC) reported a 34% jump in its 2018-19 fiscal net profit to Rs. 26,716 crore.
  • Whereas, IOC registered a net profit of Rs. 17,274 crore for the fiscal year ended March 31, 2019.
  • ONGC, in the previous two financial years, had lost the most profitable PSU tag to IOC.
  • With its refining margins under pressure due to falling oil prices, IOC had also lost the title of being India's largest company by turnover tag to billionaire Mukesh Ambani-led Reliance Industries in FY19.

About ONGC:

  • ONGC is an Indian multinational oil and gas company.
  • It is a Public Sector Undertaking (PSU) under the administrative control of the Ministry of Petroleum and Natural Gas.
  • It produces around 70% of India's crude oil and around 62% of natural gas.
  • It was founded on 14th August 1956 and has its headquarters in New Delhi, India.
  • The Chairman & MD of ONGC is Mr. Shashi Shankar.

Question:

Q. India's which public sector company has toppled Indian Oil Corporation (IOC) to regain the crown of being the country's most profitable public sector company?
a. BPCL
b. ONGC
c. BEL
d. BHEL
ONGC becomes India's Most Profitable Public Sector Company ONGC becomes India's Most Profitable Public Sector Company Reviewed by Neha on June 04, 2019 Rating: 5

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