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The Dow Jones Industrial Average rose 128.88 points, or 0.38%, at the open to 34,020.82.

The company posted a consolidated net loss, from continuing operations, of 2.01 billion rupees ($24.14 million) for the three months ended Sept. 30, from a profit of 1.54 billion rupees a year ago

Revenues from operations stood at Rs 4,115 crores in the quarter under review, up 17% as compared to Rs 3,519 crores in the corresponding quarter of FY23. EBITDA (Earnings before interest, tax, depreciation and amortisation) stood at Rs 1,087 crores, up 32% compared to Rs. 822 crores in the same quarter of the last financial year.

The company’s crude oil production fell 2% year-on-year to 5.25 million metric tonnes during the quarter. The gas production fell nearly 3% to 5.2 billion cubic meter. ONGC has struggled with production for years as its fields have matured and no major discoveries have been made in a long time.

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The topline and bottomline were the highest-ever quarterly numbers for the company. The company has also reported a record EBITDA of Rs 1,087 crore, with a growth of 32% YoY. Total sales volume during the second quarter increased 13% year-on-year to 2.29 lakh units.

The board has recommended an interim dividend of Rs 15.25 a share for the current financial year. The coal major has fixed November 21 as the record date for the same.

Market sources told ET that the trading outage, which occurred around mid-day, resulted in orders drying up, exacerbating volatility in the rupee’s exchange rate amid a global selloff in stocks and bonds due to hawkish comments by the US Federal Reserve chairman

The key challenge that has emerged for the US Federal Reserve is to rein in aggressive economic growth spurred by extraordinary fiscal stimulus in the world’s largest economy during the Covid crisis