ONGC, Oil India, IOC shares rise up to 2% as govt scraps windfall tax on domestic crude
The central government on Tuesday cut the windfall tax on domestically produced crude oil to ‘nil’ per tonne with effect from September 18.
The central government on Tuesday cut the windfall tax on domestically produced crude oil to ‘nil’ per tonne with effect from September 18.
The BSE Oil & Gas Index has seen a correction of 7% in September, amid sharp decline in crude oil prices.
Of the stocks included in the Nifty Oil & Gas index,13 are on the rise today, with Adani Total Gas and Oil India up 4.10% and 2.52%, respectively.
Among other state-owned OMCs, Oil India, GAIL (India), ONGC shares surged up to 4% amid strong volume trade.
The stock prices of city gas distributors surged as they cut CNG and PNG prices after the Centre revised the pricing methodology for domestic natural gas.
The Sensex and Nifty are poised to slide in the opening trade on Wednesday, following weak cues from global peers as caution prevailed ahead of the U.S. inflation data.
Shares of Oil India have plunged 20% in two sessions, while ONGC and RIL tumbled 18% and 8.7%, respectively, during this period.
The deregulation of domestic crude will further spur economic activities and incentivise investments in the upstream oil and gas sector.
Shares of oil companies were under stress as international crude prices fell about 5% to hit a three-week low on Friday.
From the Russia-Ukraine crisis to GDP data to ongoing state elections to sales figures of auto companies – this week is going to be action-packed for Dalal Street.