Oil Stocks

The Government of India has accepted several key recommendations made by the Kirit Parikh Committee with respect to the pricing of natural gas produced from the APM fields.

Energy-related stocks remain the best hedge against a Ukraine-triggered spike in energy / oil prices, Wood said

Oil & Natural Gas Corporation and Reliance Industries can rise up to 8 per cent

The reduction of windfall tax will reduce cess of domestic oil production companies like ONGC and Oil India.

The Mukesh Ambani-led RIL has cautioned against the impact of global economic headwinds on energy demand, in its post-results conference call.

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The tax on crude oil produced by firms such as state-owned ONGC was reduced to Rs 4,900 per tonne from Rs 10,200 per tonne w.e.f December 02, 2022.

Their expectation is based on the recent action in October by the OPEC of cutting production by 2 million barrels per day. This suggests that the OPEC is looking to defend price, they said

Current trend in global oil & gas prices augurs well for ONGC, according to analysts.

Stocks to Watch Today: Oil related shares are likely to be in focus on Tuesday as the oil ministry sought a review of the windfall profit tax on domestically produced crude oil.

Petrol and diesel prices are down by $40-50 per barrel from month-ago levels

Inflationary trends led by edible oil prices had hurt both household and industrial demand for soft and hard oils in Q1

FPIs increased their allocations to the oil and gas sector by 44 bps and the power sector by 21 bps

The bulk of the earnings reduction over the past two months for the Nifty-50 index, according to KIE, has come from the government's decision to levy new taxes

The government has levied Rs 6 per litre tax on ATF and petrol exports and imposed Rs 13 per litre tax on diesel exports

Oil prices tumbled about 5 per cent to a three-week low on Friday, as investors feared that interest rate hikes from major central banks could slow the global economy and cut demand for energy.

The brokerage firm cites a positive earnings revision cycle ahead, given the strong refining and gas environment, for the ratings upgrade.

Analysts remain bullish on prospects of the company due to increase in crude price realisation and improvement in domestic gas price realisation.

In Q4FY22, CPCL reported four-fold jump in its consolidated net profit at Rs 1,002 crore as against Rs 242 crore in Q4FY21.

For Q4FY22, MRPL reported standalone net profit of Rs 3,008 crore as against profit of Rs 268 crore in Q4FY21.