ONGC will declare its Q2 results on Monday. The company’s shares have been trading in the red ahead of the results.

What Happened: According to the average estimates of five brokerages, ONGC is expected to post a 15% year-on-year decline in standalone net profit to ₹8,662.98 crore in the September quarter. The company’s revenue might decline 3.71% to  ₹33,856.14 crore.

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Motilal Oswal expects oil realisation (pre-windfall) tax to fall 16% year on year. The research firm also sees oil volume to be flat and gas sales volume to 7% from the previous year.

Kotak Institutional Equities also expects overall crude oil sales volume to come flat year on year and quarter on quarter. It expects natural gas sales volume to gain slightly on a sequential basis while falling on a yearly basis.

ONGC recently joined hands with NTPC to establish a 50:50 joint venture company in green energy. In September, it had partnered with Reliance-bp to bid in India's largest oil and gas bid round, OALP-IX.

Price Action: Shares of ONGC were trading down 1.28% to ₹259.20 on Monday ahead of the results.

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