Shares of major oil exploration companies gained momentum as the new oilfield development bill passed by the Lok Sabha may exempt oil and gas producers from windfall taxes, according to Petroleum Minister Hardeep Puri.
The bill aims to strengthen the exploration sector by providing policy stability and extending lease durations. This decision addresses past concerns over retrospective and windfall taxes, which had impacted investor confidence.
Listed below are the major oil stocks that saw the most momentum
Indian Oil Corporation Ltd
With a market capitalization of Rs 1.8 lakh crore, the shares rose nearly 3 percent in Thursday’s trading session and made an intraday high of Rs 130.95 per share compared to its previous closing price of Rs 127.75 per share.
Indian Oil Corporation is a Maharatna Company that spans across the entire hydrocarbon value chain. This includes activities like R&D, refining, exploration and production, pipeline transportation and marketing. Its primary business is done through three segments: Petroleum Products, Petrochemicals and Other Business Activities.
Oil and Natural Gas Corporation Ltd
With a market capitalization of Rs 2.9 lakh crore, the shares rose nearly 2 percent in Thursday’s trading session and made an intraday high of Rs 236.40 per share compared to its previous closing price of Rs 232.60 per share.
Oil and Natural Gas Corporation Limited deals with natural gas and crude oil. The company deals with two primary fields: Exploration & Production and Refining & Marketing. The company operates within India while also acquiring international oil and gas assets.
Reliance Industries Ltd
With a market capitalization of Rs 17 lakh crore, the shares rose over 2 percent in Thursday’s trading session and made an intraday high of Rs 1,272.80 per share compared to its previous closing price of Rs 1,247.70 per share.
Reliance founded by Dhirubhai Ambani, specializes in the activities of petroleum refining and marketing, hydrocarbon exploration and production, solar and hydrogen renewables. The primary segments of the company include Oil to Chemicals (O2C), Oil and Gas, Digital services and Retail.
Oil India Ltd
With a market capitalization of Rs 63,632.90 lakh crore, the shares rose over 2 percent in Thursday’s trading session and made an intraday high of Rs 393.80 per share compared to its previous closing price of Rs 385.75 per share.
Oil India Limited is an integrated exploration and production company focused on crude oil and natural gas. Its operations span across crude oil, natural gas, LPG, pipeline transportation, and renewable energy. The company conducts seismic surveys, data analysis, drilling, oil and gas production, LPG production, and pipeline transportation.
Written by Shwetha Sairam
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