Which public sector company overtook Oil and Natural Gas Corporation (ONGC) to become India most profitable state owned enterprise in the referenced financial year?

Introduction / Context:
This question refers to a development in the performance of Indian public sector undertakings where a different company overtook Oil and Natural Gas Corporation in terms of net profit. Such changes among large state owned enterprises are important for economic and business awareness.

Given Data / Assumptions:

• ONGC had long been considered one of the most profitable public sector enterprises.
• In a particular financial year, another public sector company recorded higher profits than ONGC.
• The question asks which company achieved this distinction.
• Options list several well known central public sector enterprises.

Concept / Approach:
Among the listed companies, Indian Oil Corporation is a major integrated oil refining and marketing company. In the referenced year it reported higher net profit than ONGC, thus becoming the most profitable state owned firm. The approach is to recall this news item and match it with the correct company name, while not confusing it with other oil and gas entities that did not surpass ONGC at that time.

Step-by-Step Solution:
Step 1: Note that the question is about profit ranking among public sector enterprises, not market capitalisation or production.Step 2: Recall that Indian Oil Corporation reported very strong profits in the relevant financial year.Step 3: Remember reading that Indian Oil Corporation overtook ONGC in net profit and was described as the most profitable public sector company.Step 4: Compare this recollection with the options.Step 5: Choose Indian Oil Corporation as the correct answer.

Verification / Alternative check:
Business news reports and public enterprise surveys for that year indicate that Indian Oil Corporation posted higher net profit than ONGC. This was highlighted as the first time ONGC had lost the top spot to another public sector undertaking. No similar claim was made for the other companies in the options, which confirms that Indian Oil Corporation is the intended answer.

Why Other Options Are Wrong:
Steel Authority of India Limited is a major steel producer but its profitability has fluctuated and it did not surpass ONGC in that year.
Hindustan Petroleum Corporation Limited and Bharat Petroleum Corporation Limited are important oil marketing companies but their profit figures were lower than those of Indian Oil Corporation and ONGC at that time.
GAIL India Limited is a gas transmission and marketing company and did not become the most profitable public sector enterprise in that period.

Common Pitfalls:
Because several oil and gas public sector enterprises operate in related segments, candidates sometimes confuse their relative rankings. There can also be confusion between profit and market capitalisation. Another error is to assume that ONGC continued to lead without noticing the reported change. Following business pages regularly and noting such rankings improves accuracy in these questions.

Final Answer:
The company that overtook ONGC to become the most profitable state owned enterprise was Indian Oil Corporation.