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Informist, Friday, Jul 19, 2024

MUMBAI - Shares of oil companies, both upstream and downstream, are likely to see subdued movement ahead of the Union Budget, due on Tuesday, analysts said. Also, experts said that they expect the government to pass down any spike in crude oil prices to consumers, which could provide some relief to oil marketing companies. 

Meanwhile, all eyes will be on oil-to-retail giant Reliance Industries Ltd's Apr-Jun earnings, which were released after market hours today. The company's consolidated net profit during the quarter was 151.38 bln rupees, lower than the Street's expectation of 165.43 bln rupees. Consolidated revenue for Apr-Jun was 2.36 trln rupees, higher than analysts' estimate of 2.31 trln rupees. Today, the stock closed nearly 2% lower at 3,110.30 rupees on the National Stock Exchange.

Bharat Petroleum Corp closed nearly 5% lower and was second-biggest laggard on the Nifty 50 after the company reported weak quarterly results. The company's net profit for Apr-Jun declined a whopping 71% on year to 30.15 bln rupees due to weakness in its refining margins. The net profit figure was in line with the Street's estimates. The oil marketing company's gross refining margin during the quarter fell 37.8% on year to $7.86 per barrel from $12.64 per barrel in the year-ago period.

Today, the Indian stock market tumbled amid reports of an outage at Microsoft which disrupted global airlines, banks, and other primary services. Investors started to book their profits across sectors after the market reached a new record high, which also led to losses in oil companies. Shares of oil marketing companies such as Bharat Petroleum Corp and Hindustan Petroleum Corp were the major laggards in the Nifty Oil & Gas index. The index closed nearly 3% lower today, and was among the worst-hit sectoral indices, with all its constituents in the red.

TOP HEADLINES
* Earnings Review: RIL Apr-Jun consol PAT misses view; revenue rises 12% 
* Earnings Outlook: BPCL PAT seen dn 71% YoY on weak refining margins
* Earnings Outlook: Consumer business to boost RIL Apr-Jun performance
* ONGC commences production from coal-bed methane block in Jharkhand
* Oil cos buy 4.01 bln ltr ethanol, achieve 13% blending as of Jul 1
* PRESS: IOC receives only 2 bids for green hydrogen plant in Panipat
* Govt hikes windfall gains tax on domestic crude oil to 7,000 rupee/tn

Following are the resistance and support levels for the sector's key stocks for next week, as per calculations based on their prices on the National Stock Exchange:

End

Reported by Anjana Therese Antony
Edited by Tanima Banerjee

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