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Windfall tax cut

Wednesday, July 20, 2022

The government's quicker-than-expected cut in windfall tax on fuel exports should "normalize equity multiples" of Reliance Industries and state-owned ONGC (Oil and Natural Gas Corporation), said market experts today(20 July 2022). Besides, they see ONGC earning a profit per barrel worth $25, which is 20 percent higher than last year's profit. Technically, Reliance Industries shares opened a gap-up over the 200-day moving average (DMA) set at the Rs 2,507 mark. If the stock manages to hold ground above the same, a positive upside can be expected as the stock has held support near the Rs 2,350 level earlier.

Reliance Industries plunge over 8%, on excise duty hike on fuel

Reliance Industries plunge over 8%, on excise duty hike on fuel

Friday, July 1, 2022

Shares of Reliance Industries Ltd (RIL), witnessed a sharp fall after the export tax hike announcement. RIL shares plunged more than 7%, its biggest decline in about 18 months, The sharp drop can be attributed to the government levying additional tax on domestically produced crude oil to take away windfall gains, according to experts. “Reliance is witnessing a sharp fall after the Government has levied taxes on windfall gains made by domestic refineries. The government on Friday announced an increase in taxes on the export of petrol, diesel, and aviation turbine fuel (ATF). The centre has also mandated exporters to meet the requirements of the domestic market first. The government has levied a ₹6 per litre tax on exports of petrol and ATF and ₹13 per litre on exports of diesel. Read more

Sensex rises 768 pts from day's low, ends 231 pts up;Nifty shut shop at 17,222, up 69 points

Sensex rises 768 pts from day's low, ends 231 pts up;Nifty shut shop at 17,222, up 69 points

Monday, March 28, 2022

The Indian benchmark indices swung to the positive zone in the afternoon trade today(28 March 2022) as cyclical counters such as public sector banks, auto, and metals marched ahead. Besides, a fall in crude oil prices and stability in global markets in hopes of a fresh round of talks between Russia and Ukraine supported the sentiment. The S&P BSE Sensex leaped from a low of 56,825 to settle at 57,593.5, up 231 points or 0.4 percent relative to the previous close. The NSE Nifty, on the other hand, bounced back from a low of 17,004 and shut shop at 17,222, up 69 points or 0.4 percent. Bharti Airtel, up 4 percent, was the top gainer on the Nifty50 index, followed by Coal India, Axis Bank, Eicher Motors, ITC, SBI, ICICI Bank, HUL, IndusInd Bank, and Power Grid. On the downside, UPl, Dr. Reddy's Labs, Nestle, HDFC, SBI Life, HDFC Life, HCL Tech, and Adani Ports were the top laggards, falling up to 2 percent. Read more

MARKET UPDATE:Sensex fell 150 points to 57,142 while Nifty at 17,087, lower by 30 points

MARKET UPDATE:Sensex fell 150 points to 57,142 while Nifty at 17,087, lower by 30 points

Tuesday, March 22, 2022

The key benchmark indices opened lower today(22 march 2022) as global sentiment remained subdued amid a sharp rally in oil prices again. The BSE Sensex fell 150 points to 57,142 while the NSE Nifty was at 17,087, lower by 30 points. Among the Sensex-30 shares, Tata Steel, Wipro, TCS, Tech M, HCL Tech, Dr. Reddy's were among the handful of top gainers, up to 2 percent higher. ONGC, Indian Oil, Hindalco, BPCL, Coal India, JSW Steel were the additional top gainers on the Nifty. Meanwhile, HUL, Neslte, Ultractech Cement, Asian Paints, Axis Bank, IndusInd Bank, HDFC twins, Britannia, and Grasim were the top laggards on the bourses. In the broader markets, the BSE MidCap and SmallCap indices were mixed with the former down by 0.2 percent, and the latter in green with equal gains. Read more

MARKET UPDATE:Sensex fell 700 points to 55,544, while Nifty at 16,634, lower by 159 points

MARKET UPDATE:Sensex fell 700 points to 55,544, while Nifty at 16,634, lower by 159 points

Wednesday, March 2, 2022

The Indian key benchmark indices opened gap-down today(2nd March 2022) snapping their two-day previous gains as global market sentiment soured amid soaring oil and commodity prices. The BSE Sensex fell 700 points to 55,544, while the NSE Nifty was at 16,634, lower by 159 points. Among the Sensex-30 constituents, Tata Steel, PowerGrid, NTPC, Tech M, M&M, Reliance were the top gainers, up 0.3-3 percent. ICICI Bank, Maruti, Asian Paints, HDFC twins, Kotak Bank, Ultractech Cement, IndusInd Bank, and Axis Bank, meanwhile, were the top drags, trading 1.4-3 percent lower. On the Nifty, Coal India, ONGC, Hindalco, Tata Steel were the top performers, trading 3-4 percent higher, while Bajaj Auto was the additional top laggard on the index, down 4 percent. Read more

Oil Marketing Companies under pressure

Oil Marketing Companies under pressure

Thursday, February 24, 2022

Shares of oil marketing companies (OMC) and city gas distribution players (CGDs) are under pressure, falling up to 6 percent on the BSE in Thursday’s intra-day trade as oil prices topped the $100 a barrel-mark for the first time since 2014 after Russia ordered military operations in Ukraine and reports emerged of blasts in some major Ukrainian cities. Rising crude oil prices are considered a major challenge for India Inc. because any hike in raw material and energy prices may put further pressure on the margins of domestic companies going ahead. Unsurprisingly, following escalating geopolitical tensions, the Indian stock markets nosedived. Following the rise in crude oil prices, the cost of aviation turbine fuel (ATF) has advanced 19 percent to Rs 90,519 per kl from Rs 76,062 per kl on January 1. The rise in ATF prices may hit the balance sheet of airline companies which accounts for more than 35 percent of the cost of running an airline in India. Read more

MARKET UPDATE: Sensex rose 325 points at 57,626 while Nifty gained 86 points at 17,178 levels

MARKET UPDATE: Sensex rose 325 points at 57,626 while Nifty gained 86 points at 17,178 levels

Wednesday, February 23, 2022

The Indian benchmark indices started to trade on a fairly positive note today (23 Feb.2022)ending the losing streak of the previous five sessions amid the rising geopolitical tensions and oil prices. The BSE Sensex rose 325 points at 57,626 while the NSE Nifty50 gained 86 points at 17,178 levels. Among the Sensex-30 shares, Kotak Bank, Maruti, M&M, Titan, SBI, Bajaj Finance, IndusInd Bank, Asian Paints, and Tata Steel were the top gainers, up to 2 percent higher. Tata Motors, Tata Consumer, Coal India, and Adani Ports were the additional gainers on the Nifty. On the downside, ONGC, Divis Labs, Eicher Motors, and L&T, meanwhile were the only losers on the bourses, down up to 0.4 percent. Read more

MARKET UPDATE: Sensex was at 59,821 levels, up 514 points while Nifty at 17,815 levels, up 144 points

MARKET UPDATE: Sensex was at 59,821 levels, up 514 points while Nifty at 17,815 levels, up 144 points

Monday, November 1, 2021

Dalal street started the day (1st Nov.2021) with a positive note driven by Supportive global cues, marginal ease in crude oil prices, and the ongoing earnings season. Besides, low-level buying after last week's profit-booking resulted in a bounce-back rally. In early deals, the BSE Sensex was at 59,821 levels, up 514 points or 0.87 percent, led by Bharti Airtel (up 3 percent), Axis Bank, Titan, Tech M, and Tata Steel. The Nifty50, on the other hand, was at 17,815 levels, up 144 points. In the broader markets, meanwhile, the BSE MidCap and SmallCap indices were up 0.89 percent and 0.92 percent, respectively. Sectorally, the Nifty Realty index was up 3 percent, followed by the Nifty Metal index (up 1.4 percent). On the downside, the Nifty Auto index was down 0.5 percent. Read more

Domestic benchmark indices regained their charm after initial weakness

Domestic benchmark indices regained their charm after initial weakness

Monday, October 11, 2021

Indian benchmark indices regained their charm after initial weakness today(11th Oct.2021) even as weak global cues weighed on investor morale. Expectation of a better September quarter earnings kept buying intact in most counters.IT stocks were the biggest drags on indices as the underwhelming earnings report by TCS disappointed investors. Rest of the sectors saw heavy buying. After opening in the red, benchmark indices climbed higher. At 10.55 am, BSE flagship Sensex was up 247 points or 0.41 per cent to 60,306. NSE benchmark Nifty advanced 95 points or 0.53 per cent to 17,990. The index hit 18,000 mark during the day. “On the technical front, markets are in a structurally positive trend. Strong support can be seen at 17,700 level and 18,100 level may act as a near-term resistance in Nifty50,” said an expert. Read more

Key factors driving today's market rally

Key factors driving today's market rally

Thursday, October 7, 2021

Tata Motors, IndusInd Bank, Eicher Motors, ICICI Bank, SBI Life Insurance, and Reliance Industries were among other gainers.ONGC was the top loser in the pack, down 2.17 percent. Divi’s Labs and Britannia Industries were among those that traded in the red. FACTORS DRIVING MARKETS: Crude oil cools off: Oil prices dropped back from multi-year highs hit a day earlier, having been a major contributor to this week's equities sell-off. Gas prices also fell, a day after Russian leaders indicated that supply to Europe could increase. Read more

Weakening rupee, rising crude oil and gas prices and impending power shortage dragged indices;Sensex tanks 555 pts

Weakening rupee, rising crude oil and gas prices and impending power shortage dragged indices;Sensex tanks 555 pts

Wednesday, October 6, 2021

The weakening rupee, rising crude oil and gas prices and impending power shortage that has the potential to slow down economic recovery weighed on domestic benchmark indices on Wednesday. All quarters of the market saw selling, led by metal and realty names, wiping off Rs 2.78 lakh crore of equity wealth reflected by the total market cap of BSE-listed companies. The 30-share pack Sensex declined 555.15 points or 0.93 percent to close at 59,189.73. The index closed down nearly 800 points from the day’s high. Its broader peer NSE Nifty dropped 176.30 points or 0.99 percent to 17,646. “Spike in crude prices is spooking the Indian market while inflation is affecting US bond yields. RBI commenced its three-day MPC meeting in which the central bank is expected to keep rates unchanged, however, it is likely to announce measures to gradually pump out liquidity from the economy," said Vinod Nair, Head of Research at Geojit Financial Services.

Thermax gains 4% after subsidiary wins Rs 293-crore order

Thermax gains 4% after subsidiary wins Rs 293-crore order

Thursday, August 26, 2021

Shares of Thermax gained 4 percent at Rs 1,418.55 on the BSE in intra-day trade on Thursday after Thermax Babcock and Wilcox Energy Solutions (TBWES), a wholly-owned subsidiary of the company, wins Rs 293-crore order for a boiler package comprising 3 x Oil & Gas fired boilers on EPC basis for a refinery and petrochemical complex in western India. The scope of supply includes design, manufacture, installation, erection, commissioning and testing of the 3 x oil & gas fired boilers. The turnkey project encompasses civil, structural, mechanical, E & I controls work.“TBWES has won the order in this competitive bidding project owing to its proven product experience, compliance to quality standards, manufacturing and EPC capabilities,” said Ashish Bhandari, MD & CEO, Thermax. Read more

Is it time to look at oil marketing companies(OMC) stocks?

Is it time to look at oil marketing companies(OMC) stocks?

Monday, July 26, 2021

Crude prices have recovered from last week's low of $67.42, although the momentum is not showing much excitement. In the meantime stocks of oil marketing companies (OMCs) are witnessing some profit-taking. Shares of BPCL and Hindustan Petroleum Corporation (HPCL) have declined over 10 percent from the highs touched last month. But a rebound in the last couple of sessions signals stocks could gain momentum. Here is some technical analyses of some major OMCs: S&P BSE OIL & GAS Outlook: Weak momentum at current levels The index has broken its 50-days moving average (DMA) and 100-DMA placed at 16,356 and 15,778, respectively, suggesting resistance at higher levels. The next support for the index comes at its 200-DMA, placed at 14,745, as per the daily chart. While the current momentum indicates weakness, a firm close above 100-DMA may help the index regain positive strength, following which a rally towards 50-DMA is likely. Read more

Wholesale inflation eases to 12.07% in June

Wholesale inflation eases to 12.07% in June

Wednesday, July 14, 2021

India's wholesale inflation moderated to 12.07 percent in June from a record high of 12.94 percent in May amid a sustained rise in fuel and commodity prices, data released by the government today(14th July 2021) showed. Wholesale inflation came in at (-) 1.81 percent in June 2020, due to the implementation of a stringent nationwide lockdown. “The high rate of inflation in June 2021 is primarily due to low base effect and rise in prices of mineral oils viz. petrol, diesel (HSD), naphtha, ATF, furnace oil, etc, and manufactured products like basic metal, food products, chemical products, etc as compared to the corresponding month of the previous year,” an official statement said. Read more

Platts cuts India's 2021 oil demand by 28%

Platts cuts India's 2021 oil demand by 28%

Friday, May 14, 2021

India’s demand for oil & gas has been cut by S&P Global Platts amid the second wave of Covid cases that have triggered lockdowns across key states since the past few weeks. For 2021, it now pegs the oil demand growth at 350,000 barrels per day (b/d), down from a forecast of 485,000 b/d made in February – translating into a fall of nearly 28 percent. India's city gas demand, Platts said, could drop by 25 – 30 percent in the coming months. However, once the lockdowns are lifted, Platts expects the pent-up demand to get released, which in turn will act as a catalyst for economic growth and trigger a demand uptick for oil & gas in the country. Besides India, the demand forecast for 2021 has been revised down for Western Europe and Latin America due to more restrictions stemming from the second and third waves of Covid. Brent oil prices, WU said, will peak in mid-2021 at over $70 per barrel. Read more

Demand-driven rise in crude oil prices is good for equity markets

Demand-driven rise in crude oil prices is good for equity markets

Wednesday, March 10, 2021

A rise in oil prices – if driven by a surge in demand/consumption – is a positive for equity markets, according to analysts. Analysts at Jefferies estimate that every $10 per barrel (bbl) rise in the Brent oil price raises India’s trade deficit by around 40-50 basis points (bps). Yet, they believe that the equity markets should be able to digest the recent spurt. “A $70/bbl of crude would have a 100-120 bps impact on current account deficit (CAD). Improving domestic demand on a low base would drive CAD to 1.5 percent in fiscal 2021-22 (FY22) versus a 0.7 percent surplus this year. However, we still expect the balance of payments (BoP) to be a positive around 1.2 percent as capital account (FDI, ECB and NRI deposits) should see over $80 billion surpluses,” wrote Mahesh Nandurkar, managing director at Jefferies in a recently co-authored note with Abhinav Sinha. Read more

Oil hits 11-month high after fall in U.S. crude stocks

Oil hits 11-month high after fall in U.S. crude stocks

Wednesday, February 3, 2021

Oil hit an 11-month high on Wednesday, boosted by a draw in U.S. crude and gasoline stocks, which fuelled demand recovery hopes as OPEC and has forecast that the market will be in deficit in 2021. Brent crude futures were up 48 cents, or 0.8%, to $57.94 a barrel at 0839 GMT, their highest since late February 2020. The contract’s“backwardation” structure, where oil for nearby delivery is more expensive than further forward, was near a one-year high at more than $2, indicating expectations of tighter supply. U.S. West Texas Intermediate (WTI) crude futures climbed 34 cents, or 0.6%, to $55.10 a barrel. The benchmark hit a one-year high at $55.26 on Tuesday. The market was also bolstered by news that Democrats in the U.S. Congress took the first steps toward advancing President Joe Biden's proposed $1.9 trillion coronavirus aid plan without Republican support.Gasoline stocks fell by 240,000 barrels, defying analysts' expectations for a build of 1.1 million barrels. Distillate inventories

Abu Dhabi plans to export hydrogen for fuel

Abu Dhabi plans to export hydrogen for fuel

Monday, January 18, 2021

Abu Dhabi National Oil Co. formed an alliance with Mubadala Investment Co. and ADQ to produce hydrogen from natural gas and renewable energy and to market the fuel overseas as well as in the United Arab Emirates, ADQ said in a statement. In a related deal, Abu Dhabi Future Energy Co., also known as Masdar, agreed with Siemens Energy AG to develop a facility to make green hydrogen at Masdar City in Abu Dhabi, Mubadala said in a statement. Munich-based Siemens Energy is already building a hydrogen demonstration plant at the Mohammed bin Rashid Al Maktoum Solar Park in the neighboring emirate of Dubai. Some Middle Eastern states are seeking to develop hydrogen as fuel, given a shift among some of their buyers toward less-polluting alternatives to crude. Saudi Arabia’s energy minister has said he wants the kingdom -- the world’s biggest oil exporter -- to become the largest shipper of hydrogen.

ONGC,Oil India stocks: Investors need to exercise caution

ONGC,Oil India stocks: Investors need to exercise caution

Friday, July 3, 2020

ONGC and Oil India shares gained up to 1.7 percent yesterday (2nd July 2020) as crude oil prices rose on the back of lower US oil inventories. The two stocks have gained 32-34 percent from their March lows, as oil prices rebounded from under-$20 per barrel to over $40 now. Though market sentiment has improved and a recovery in oil prices bodes well for the state-owned oil and gas producers, investors need to be cautious. The March quarter (Q4) performance has been weak, and the June quarter is likely to see the impact of the disruption caused by Covid-19. For FY21, too, analysts don’t expect significant growth in crude output and are factoring in lower oil and gas prices. Hence, they expect a decline in earnings. Read more

Crude oil prices fall as a new surge in coronavirus infections worldover

Crude oil prices fall as a new surge in coronavirus infections worldover

Wednesday, June 24, 2020

Oil prices fell today, reversing the previous session's surge as worries about a second wave of the coronavirus pandemic outweighed support from a gradual reopening of global economies. Brent crude, which on Tuesday rose to its highest level since a price plunge began in March, slipped 47 cents, or 1.1 percent, to $42.16 a barrel by 0814 GMT. The benchmark crude has climbed from below $16 in April but remains a third lower than its level at the end of 2019. US West Texas Intermediate (WTI) crude fell 59 cents, or 1.5 percent, to $39.78 a barrel. Further pressure on prices came from a bigger-than-expected rise in US crude inventories, according to industry group the American Petroleum Institute (API). However, US gasoline and distillate inventories fell, suggesting consumption was picking up as lockdowns were eased.

Crude oil prices rise as traders await Opec+ meeting

Crude oil prices rise as traders await Opec+ meeting

Friday, June 5, 2020

Oil prices rose today(5th June 2020) after OPEC decided to move up discussions on whether to extend record production cuts to 6th June (Saturday), indicating that some laggard countries may have agreed to align themselves with the deal. Brent crude futures were up 95 cents, or 2.4 percent, at $40.94 a barrel as of 0920 GMT, after rising over $1 to $41.18. US West Texas Intermediate (WTI) crude futures rose 64 cents, or 1.7 percent, to $38.05 a barrel. Brent has risen 16 percent since Friday to reach a three-month high, settling in a range more comfortable for producers like Russia. The contract has more than doubled since it crashed to as little as $15.98 a barrel on April 22nd. Read more

Crude oil price recovers after record wipeout

Crude oil price recovers after record wipeout

Tuesday, April 21, 2020

A very strange thing happened On 20th March in the oil market: Prices fell so much that some traders paid buyers to take oil off their hands. The price of the main U.S. oil benchmark fell more than $50 a barrel to end the day about $30 below zero, the first time oil prices have ever turned negative. Such an eye-popping slide is the result of a quirk in the oil market, but it underscores the industry’s disarray as the coronavirus pandemic decimates the world economy. How prices went Negative: Prices went negative means- anyone trying to sell a barrel would have to pay a buyer $30 — in part because of the way oil is traded. Futures contracts that require buyers to take possession of oil in May are expiring on Tuesday, and nobody wanted the oil because there was no place to store it. Contracts for June delivery were still trading for about $22 a barrel, down 16% for the day. Read more

Crude oil price dips as Saudi, Russia fail to reach deal over supply cuts

Crude oil price dips as Saudi, Russia fail to reach deal over supply cuts

Tuesday, March 10, 2020

A standoff between Saudi Arabia and Russia over crude oil supply cuts saw international prices record one of their worst single-day dips in about three decades. Though this could help the Indian economy, the fall could accentuate global distress. At one point, Brent crude price was seen at a session low of $31 a barrel, down about 30 percent, though it recovered later in the day to $35.60. Indian consumers could gain from lower petroleum product prices, though a lot depends on whether the government makes use of the window to shore up its revenues and increases excise duty. Any duty hike would prevent the full benefit from accruing to consumers.

OPEC to try to arrest global oil price plunge amid slowdown due to Coronavirus

OPEC to try to arrest global oil price plunge amid slowdown due to Coronavirus

Tuesday, March 3, 2020

At the last meeting of OPEC in December, the producers agreed to cut production by 500,000 barrels per day, with Saudi Arabia offering a further 400,000 barrels of "voluntary" cuts. Prices were under pressure at that point from abundant reserves and weak global growth. The cuts announced in December initially had the desired effect of an uptick in prices but the outbreak of Coronavirus has since sent them plunging back down again. The OPEC meets on5th March (Thursday) in Vienna to analyse how to react to a sharp drop in global oil demand due to the outbreak of the coronavirus. The extraordinary two-day meeting will see OPEC, led by Saudi Arabia, and its allies in the so-called OPEC+ group -- foremost among them Russia -- discuss how to halt the sharp fall in oil prices in the past two months as the epidemic has spread.

Tag: oil

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