
Govt cuts windfall tax on crude; here’s how oil stocks reacted
Shares of ONGC, HPCL, and IOC rose up to 1%, while Adani Total Gas, Reliance Industries, and BPCL fell up to 1% on the BSE.
Shares of ONGC, HPCL, and IOC rose up to 1%, while Adani Total Gas, Reliance Industries, and BPCL fell up to 1% on the BSE.
The recent fall in international crude and product prices has helped state-owned OMCs to narrow their marketing losses.
ICICI Securities has downgraded state-owned oil retailer HPCL to “REDUCE” from “ADD”, BPCL to “ADD” (from “BUY”), while it retained “BUY” call on IOCL.
Fuel retailers kept petrol and diesel prices on hold for 137 days despite crude oil prices increasing by nearly $27 per barrel.
Oil-marketing companies are gearing up for a transition to non-fossil fuels by transforming into green energy companies selling biofuels and high-value chemicals.
Anything beyond $70 will kill the oil market, spur demand for alternative sources of energy, fuel demand for green energy: BPCL, HPCL.
Public sector companies, in many ways, are the true jewels of the 500 list, and prove to be the best bets for those who want to earn steady returns on investments in the form of equity dividends.
While gloom prevails across economies, a State Bank of India report says that the Reserve Bank of India has been relatively successful in ensuring financial stability in the market since May.