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The government on Friday slashed windfall gains tax, following a decline in international crude oil prices. This is the fifth revision of the windfall tax since its implementation on July 01. 

According to the Central Board of Indirect Taxes and Customs (CBIC) notification, it has cut the tax on domestically produced crude oil to ₹ 10,500 a tonne from ₹ 13,300 earlier. These rates are effective since September 17 

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Brokerage house CLSA believes that oil exploration and production companies Oil and Natural Gas Corporation (ONGC) and Oil India’s shares have the potential to grow on the back of multiple triggers. 

According to the brokerage, India will ensure a $70-75 per barrel realization, but ONGC’s and Oil India’s pricing is $ 50 per barrel. 

CLSA has maintained a buy rating on the shares of ONGC with a target price of ₹ 205.00 apiece. This implies an upside of 56.73% as compared to its current share price of ₹ 130.80 per share. 

Further, it has maintained a buy rating on the shares of Oil India Limited with a target price of ₹ 265 a share. This translates to an upside of 43.01% as compared to its current share price of ₹ 185.30. 

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Written by Simran Bafna 

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