The Government of India has slashed the “windfall tax” on domestically produced crude oil from Rs 5,000 per tonne to Rs 1,300 per tonne due to relaxations on crude oil prices in the international market.
The Centre also reduced the export duty on diesel to Rs 0.50 per litre from Rs 1 per litre while it increased the export duty on aviation turbine fuel (ATF) to Rs one per litre from a nil duty earlier.
The Central Board of Indirect Taxes and Customs (CBIC), in a notification, said that the new rates will be effective from Tuesday. Earlier, on December 1st, the Government had reduced the windfall tax on crude petroleum from Rs 6,300 per tonne to Rs 5,000 per tonne.
Listed below are four stocks associated with oil exploration & production that closed in the green on Tuesday after the recent developments pertaining to the sector:
Reliance Industries Limited
With a market capitalization of Rs 17.30 lakh crores, the stocks of Reliance Industries Limited started their trading session on Tuesday on a flatter note with minutes passing by, the stocks gained traction and closed at Rs 2,558.45, gaining approximately 1.50 percent as compared to the previous closing levels of Rs 2,519.95 apiece.
During the recent financial quarters, the prime business indicators such as operating revenues and after-tax profits showed positive movements with the former increasing from Rs 2.08 lakh crores during Q1FY23-24 to Rs 2.35 lakh crores during Q2FY23-24, and, the latter, in congruence, shifting up from Rs 18,182 crores to Rs 19,820 crores.
Asian Energy Services Limited
With a market capitalization of Rs 1,078.08 crores, the stocks of Asian Energy Services Limited started their trading session on Tuesday on a flatter note with minutes passing by, the stocks gained traction and closed at Rs 283.15, nearly hitting the 5 percent upper circuit of Rs 283.20.
During the recent financial quarters, the prime business indicators such as operating revenues and after-tax profits showed favourable movements with the former staying uniform at Rs 45 crores, and, the latter, in congruence, transitioning from a loss of Rs 3 crores to breakeven levels.
Jindal Drilling and Industries Limited
With a market capitalization of Rs 2,365 crores, the stocks of Jindal Drilling and Industries Limited started their trading session on Tuesday on a flatter note with minutes passing by, the stocks gained traction and closed at Rs 816.05, gaining approximately 5.50 percent as compared to the previous closing levels of Rs 774.55 apiece.
During the recent financial quarters, the prime business indicators such as operating revenues and after-tax profits showed positive movements with the former increasing from Rs 93 crores during Q1FY23-24 to Rs 142 crores during Q2FY23-24, and, the latter, in congruence, shifting from Rs 20 crores to Rs 30 crores.
Oil India Limited
With a market capitalization of Rs 36,951.11 crores, the stocks of Oil India Limited started their trading session on Tuesday on a flatter note with minutes passing by, the stocks gained traction and closed at Rs 340.75, gaining approximately 6 percent as compared to the previous closing levels of Rs 322.10 apiece.
During the recent financial quarters, the prime business indicators such as operating revenues and after-tax profits showed movements in opposing directions with the former, on one end, increasing from Rs 6,208 crores during Q1FY23-24 to Rs 8,816 crores during Q2FY23-24, and, the latter, on the other end, shifting down from Rs 1,303 crores to Rs 694 crores.
Written by Amit Madnani
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