Oil and gas stocks steady after windfall tax cut; IOC, GAIL, ONGC gains most

Oil and gas indices traded on a steady note on Tuesday after the government trimmed windfall tax rates to zero. In this sector, Indian Oil, ONGC and GAIL India gained the most, while Adani Total Gas, Indraprastha Gas and heavyweight Reliance Industries (RIL) were top underperformers. BSE Oil & Gas index overall witnessed a 147 points or 0.8% upside so far in the day.

At the time of writing, BSE Oil & Gas traded at 18,438.65 up by 58.39 points or 0.32%. The index also touched an intraday high of 18,527.28.

Meanwhile, the Nifty Oil & Gas index saw a marginal upside of 0.12% to trade at 7,576.80. This index crossed 7,600 mark to touch an intraday high of 7,622.95.

Indian Oil was the top gainer with an upside of 2.03% followed by ONGC and BPCL soaring by 1.5% and 1.3%. Gujarat Gas and HPCL also advanced by 1.2% and 1.1% respectively. GAIL and Petronet LNG surged by nearly a percent.

In regards to top bears, Adani Total Gas dipped by 5% followed by IGL and RIL whose share prices tumbled by 1% and 0.7% respectively.

On Monday, the government reduced windfall tax on petrol, diesel and aviation turbine fuel at zero. Earlier, the windfall tax on petroleum crude was trimmed to 4,100 per tonne from May 1st, as against 6,400 per tonne which was from April 19.

The NIL windfall tax is due to oil price fluctuations.


Know your inner investor
Do you have the nerves of steel or do you get insomniac over your investments? Let’s define your investment approach.

Take the test

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint.
Download The Mint News App to get Daily Market Updates.

More
Less

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button