ONGC Q1 Net Up 12%, Misses Forecast

<?xml version="1.0" encoding="UTF-8"?><root available-locales="en_US," default-locale="en_US"><static-content language-id="en_US"><![CDATA[<p>State-run explorer Oil &amp; Natural Gas Corp reported a 12 percent rise in quarterly profit, missing street estimates as higher subsidy payments offset gains from a rise in crude oil and gas prices.<br><br>ONGC said net profit for its fiscal first quarter rose to 40.95 billion rupees ($929 million), compared with 36.61 billion rupees a year earlier.<br><br>A Reuters poll of ten brokerages had on average expected net profit of 42.6 billion rupees for the quarter.<br><br>Net sales rose to 162.68 billion rupees from 137.10 a year ago.<br><br>ONGC is required to partially subsidise fuel sales to state-run retailers, which in turn sell fuel at state-set, below-market prices.<br><br>Shares in the company, valued at $53.5 billion, closed 0.3 percent higher at 277.20 rupees ahead of the announcement. The stock has declined nearly 14 percent so far in 2011, compared with an 11.2 percent fall in the main stock index.</p> <p>(Reuters)</p>