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The federal government levied particular excise duties or a windfall good points tax on the oil and fuel trade in a broad notification that aimed to restrict a number of the extreme advantages loved by native oil producers and crude oil refiners.
The elevated income from elevated world crude oil costs shall be considerably curtailed by the introduction of the extra excise levy for companies like ONGC and Oil India.
Following a big improve within the value of crude oil earlier this yr, a number of brokerage companies not too long ago improved their rankings or value targets for each shares in anticipation of robust earnings in 2022–2023.
Following the sanctions put in place by quite a few Western nations in opposition to Russian crude oil shipments in response to the nation’s invasion of neighboring Ukraine, world crude oil costs have elevated by greater than 40% in 2022.
Brent crude oil futures reached a excessive of $137 per barrel in March, however they’ve since given up a few of their good points and are at the moment buying and selling at $115 per barrel. Nonetheless, because of excessive demand and severely constrained world provides, a number of worldwide brokerage companies anticipate that for the subsequent 18 months, crude oil costs will stay above the $100 per barrel barrier.
Analysts had anticipated a big improve within the companies’ earnings per share as common crude oil realizations for ONGC and Oil India have been anticipated to develop quickly to greater than $90-100 per barrel in 2022–23 from roughly $70 per barrel in 2021–22.
At 3:05 pm, shares of Oil India fell 15.15% to Rs213.40 whereas these of ONGC fell 13.1% to Rs131.7 on the Nationwide Inventory Change.
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