RIL profit seen down, ONGC may rise: Reuters Poll
REUTERS - Energy major Reliance Industries, controlled by billionaire Mukesh Ambani, is expected to report its second successive drop in quarterly profit, as refining margins are seen slipping to around $6 a barrel from $6.8 in the December quarter, and as gas output from its offshore fields slows further.
State-run Oil and Natural Gas Corp, the country's biggest oil producer, is likely to post a 28 percent rise in March quarter net profit, but a higher share of subsidy burden due to government-set fuel prices is expected to take the shine off gains from higher crude oil prices.
(Reporting by Prashant Mehra in MUMBAI; Editing by Ranjit Gangadharan)
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The Congress party was headed for a bruising defeat in key state elections, including in the capital, early results showed on Sunday, underlining the struggle it will face to cling to power in a national election due by May. Full Article