On June 26th, the Sebi issued show-cause notices to Hindenburg Research LLC, US-based hedge fund manager Mark E Kingdon, and four others
BPCL, HPCL and IOC may rise up to 11 per cent in coming sessions, and if they manage to sustain their upward rally, medium-term bias may strongly shift in bull's favour.
With this decline in crude prices analysts expect marketing margins of HPCL, BPCL and IOCL to improve further.
Oil & Natural Gas Corporation and Reliance Industries can rise up to 8 per cent
Selective stocks like Bharat Petroleum Corporation, Divi's Laboratories, Hindalco Industries, Hero MotoCorp and State Bank of India, the technical charts are reflecting clear weakness.
BPCL's market sales for the December quarter stood at 12.81 MMT versus 11.21 MMT reported last year
As per analysts, electrolyser manufacturers, fuel cell makers for non-emission vehicles, traditional players engaged in energy storage solutions or batter makers are among key beneficiaries
According to the technical analyst from Anand Rathi, BPCL and Wipro can pullback to Rs 270 and Rs 430, respectively.
After two tight quarters of profit-margin shrinkage due to global volatility, Indian OMCs are expected to see reduction in operational losses in the October-December quarter (Q3FY23).
The central Board of indirect taxes and Customs has raised windfall tax on petroleum, crude, and aviation turbine fuel effective from January 3
According to the technical analyst from Anand Rathi, BPCL can rally to Rs 365; while Thomas Cook can jump to Rs 88.
The S&P BSE Oil & Gas index hit a 52-week high of 20,653.57 in intra-day trade on Wednesday
Given the recent underperformance of the mid-and small-caps compared to their larger peers, analysts expect these two market segments, especially the small-caps, to catch up now
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
Analysts believe that OMCs would see further decline in GRMs in Q2FY23, as cracks correct on a sequential basis and lower oil prices would drive sizable inventory losses