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Informist, Friday, Aug 30, 2024

MUMBAI – Shares of oil and gas companies, particularly those of oil refiners, are expected to gain next week. Shares of oil refining companies are expected to gain more because of cheap valuations and levers of growth such as increased throughputs, Vinit Bolinjkar, head of research at Ventura Securities, said.

Shares of upstream companies Oil and Natural Gas Corp and Oil India are expected to do exceptionally well in the coming months, Bolinjkar said. Some upside is also expected in shares of oil marketing companies as they have opportunities for growth through their new green energy verticals whose valuation is yet to be fully captured by the market, he said.

The price of crude oil on the New York Mercantile Exchange is expected to rise to $77.50 a barrel because of a weak dollar and concerns over tighter supply due to a production shutdown in Libya and reports of planned production cuts by Iraq, ICICI Direct Research said today. The rise in prices could be limited after a lower-than-expected fall in US crude oil inventories last week.

Shares of index heavyweight Reliance Industries are expected to be range-bound in the coming days, analysts said. The company plans to drill additional development wells to sustain production and has more exploratory wells planned in the Krishna Godavari basin, it said at its annual general meeting Thursday. It also plans to expand its coal bed methane acreage after successfully conducting multi-lateral well drilling in its coal bed methane blocks.

RIL also said it would consider a bonus issue of shares at a board meeting Thursday. If approved, it would be the company's third such bonus issue of shares after 2009 and 2017.

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Following are the resistance and support levels for the stocks for next week as per calculations by Informist based on their prices on the National Stock Exchange:

End

US$1 = 83.86 rupees

Reported by Alina Geogy

Edited by Ashish Shirke

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