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Informist, Friday, Sep 20, 2024

MUMBAI - Shares of oil and gas companies are likely to consolidate next week, according to analysts. Market participants will also closely watch global crude oil prices as the rising tensions in West Asia are likely to have a bearing on these stocks.

On Tuesday, the government removed the windfall gains tax on domestically produced crude oil. On Aug 31, the government had lowered the windfall gains tax on domestically produced crude oil by 250 rupees a tn to 1,850 rupees a tn.

The latest move is expected to benefit Reliance Industries and Oil and Natural Gas Corp, Jatin Gedia, technical research analyst at Sharekhan, said. As per Gedia, index heavyweight Reliance Industries has been underperforming the benchmark indices for a while and investors are waiting for the stock to play catch up. Today, shares of Reliance Industries closed 1.1% higher at 2,971.85 rupees on the National Stock Exchange.

Though ONGC is one of the key beneficiaries of the removal of windfall tax, brokerage HSBC does not see much of an upside in the stock, according to a report on Thursday. It said declining production rates and reduced guidance for the Krishna Godavari oilfields are key concerns, and if oil prices fall, it could threaten the company's future viability.

Nifty Oil & Gas ended the session 0.7% higher today, but lost over 1% this week, underperforming the 50-stock benchmark which gained nearly 2% this week. Nifty Oil & Gas constituent Aegis Logistics fell the most this week, over 7%.

TOP HEADLINES
* PRESS:PTC India, SEIL Energy to invoke guarantee for Bangla power dues
* Ajit Venkataraman resigns as managing director of Finolex Ind
* PRESS: India may ink term deal for Russian crude in FY26
* NTPC board OKs investment of 209.22 bln rupees for 2 power projects
* Oil futures up 1% post Fed rate cut but weak China demand poses risk
* IPO Alert: Ellenbarrie Industrial Gases files draft papers with SEBI
* Power Grid to set up 7 GW green power transmission system in Gujarat
* Tata Power, Adaro Intl to proceed with arbitration in coal pact row
* IPO Alert:NTPC Green files draft papers for 100-bln-rupee fresh issue
* CESC arm to set up  686.85 MW wind power project with Ecoren Energy
* In talks with oil mktg cos on price cut possibility - Fin min source
* Dalmia Bharat arm to acquire 26% stake in Solsolis Solar Energy
* Power Grid wins bid to set up interstate transmission system
* IREDA to raise 45 bln rupees via QIP; govt to dilute up to 7% stake
* Tata Power arm to develop 400 MW hybrid project in Maharashtra
* National Power Corp-NTPC JV to build four 700 MW nuclear power plants
* Nirmal Bang cuts GAIL target price to 239 rupees, keeps 'hold' rtg
* PRESS: IREDA to tap overseas lending, intl green funds via GIFT City
* Inox Wind wins order to set up 550 MW wind turbine generators
* PRESS: Tata Power to invest up to $9 bln to expand renewable capacity
* Govt removes windfall gains tax on domestic crude oil
* Republic TV: Sitharaman: PM to decide on fuel price cut when feasible
* Torrent Power gets letter of intent for 1,500-MW hydro storage project
* Investments of 32.5-trln-rupee pledged in renewables - minister
* LIC sells 2.02% stake in DCM Shriram Industries
* IPO Alert: Godavari Biorefineries gets SEBI approval for public issue
* Andhra Pradesh CM says to soon unveil integrated clean energy policy
* Telangana aims to add 40 GW new renewable energy by 2035
* Torrent Power to invest 642 bln rupees in green projects
* Oil cos buy 5.26 bln ltr ethanol in Nov-Aug, achieve 13.6% blending
* JSW Energy arm commissions 300 MW wind power capacity in Tuticorin
* Adani Power, Adani Green get nod to supply 6,600 MW to Maharashtra
* Adani Green's CFO Wangyal resigns; Saurabh Shah to take charge Oct 1
* ONGC's arm ONGC Green in pact to acquire PTC Energy
* India's FY25 coal output up 5.9% on year at 411.62 mln tn as of Thu

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 Anjali Singh
Edited by Rajeev Pai

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