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Informist, Friday, Oct. 18, 2024

MUMBAI - Shares of oil companies are likely to see muted gains next week, while developments related to geopolitical tension in West Asia and movement in crude oil prices would also determine the direction of stock prices, analysts said. "Any fall in crude oil prices reduces India's oil import bill but affects the value of its exports," CRISIL Market Intelligence & Analytics said in its report. Brent crude oil prices averaged $74.3 per barrel in September compared with $94 a year ago, the report said.

At 2115 IST, the Brent Crude futures contract traded on the Intercontinental Exchange was 2.4% down at $72.71 per barrel. Crude oil is a key raw material used by oil marketing companies and any surge in its price hits their profitability as they will have to buy the commodity at a higher price. On the other hand, any surge in crude oil prices benefits oil producers as it increases their revenue. The geopolitical tension in West Asia had recently pushed crude oil prices higher, making investors book their profits from oil marketing stocks. 

On the earnings front, Bharat Petroleum Corp and Hindustan Petroleum Corp are scheduled to release their September quarter results Friday. Both the companies are likely to post an on-year fall in their net profit on weak refining margins. BPCL's net profit is seen falling 55.5% on year to INR 37.87 billion, while revenue is expected to grow nearly 4% to INR 1.069 trillion, as per the average of estimates from 11 broking firms. For HPCL, the net profit may fall nearly 65% on year to INR 18.13 billion and revenue is seen nearly 1% up at INR 1.035 trillion, according to the average of estimates from 11 broking firms. 

TOP HEADLINES
* Earnings Outlook: Low refining margins, closed plants to hit BPCL PAT
* RIL arm announces JV with Mothercare for South Asia, to act as franchisor
* Earnings Outlook: Weak refining margins to weigh on IOC's PAT for Jul-Sept
* Reliance Industries sets Oct 28 as record date for bonus share issue
* RIL shareholders OK bonus issue, rise in authorised capital to INR 500 bln
* IEA sees global oil demand growth view for 2024 tad down from 900,000 bpd
* Upstream, digital svcs offset RIL's Jul-Sept muted oil-to-chemicals showing
* Earnings Review: RIL consol net profit down for 3rd straight qtr in Jul-Sept
* Deadline to meet 20% ethanol blending advanced to Oct 2025 - Minister Puri
* Reliance Jio net profit rises 14.4% on quarter to INR 62.31 bln in Jul-Sept
* Indian Oil forms JV with EverEnviro Resource to advance biofuel adoption
 

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 Deepshikha Bhardwaj

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