The oil and energy industry is a broad term that encompasses a wide range of activities, from oil and gas exploration and production to petroleum refining and distribution. The industry is critical to the global economy because it provides fuel for transportation, heating, and electricity generation.
Power Industry
Power stocks are surging amid a global energy crisis, driven by rising demand and supply disruptions. Power stocks are attracting investors looking for a haven from inflation and economic uncertainty.
Renewable energy stocks are particularly appealing as governments strive for a more environmentally friendly future. With higher electricity prices increasing profits, the outlook for power stocks remains positive, as energy demand is expected to grow further.
The international energy crisis has caused a rise in commodity prices and power stocks. The proposed Electricity Amendment Bill could also affect power stocks.
Here are some stocks related to the power industry.
Tata Power
On Thursday, Tata Power’s share price was 4.8 percent up and hit its 52-week high of Rs 308.45 from its previous close of Rs 294.15. The share has risen 23 percent in the last month and 45 percent in the year to date.
KPI Green Energy Ltd
On Wednesday, KPI Green Energy Ltd’s share price closed 2.33 percent up at Rs 1,163 from its previous close of Rs 1162.15. The share has risen 31.5 percent in the last month and 154 percent in the year to date.
Power Grid Corporation of India Ltd
On Wednesday, Power Grid Corporation of India Ltd’s share price was 2 percent up and hit its 52-week high of Rs 228.90 from its previous close of Rs 224.40. The share has risen 9.8 percent in the last month and 41 percent in the year to date.
Refinery Industry
The oil and gas industry encompasses three main sectors: upstream, midstream, and downstream. Upstream companies explore and produce oil and gas, while midstream companies transport it to refineries. Downstream companies refine it into petroleum products like gasoline and diesel.
Oil prices are at their lowest levels since June, after falling due to high US crude output and gasoline inventories. Brent crude futures were up 32 cents, or 0.43 percent, to $74.62 per barrel as of 01:16 GMT. West Texas Intermediate crude futures in the United States rose 33 cents, or 0.48 percent, to $69.71 per barrel.
Late last week, the Organization of Petroleum Exporting Countries and its allies, including Russia (OPEC+), agreed on voluntary output cuts of about 2.2 million barrels per day for the first quarter of 2024.
Here are some stocks related to the refineries industry.
BPCL
On Wednesday, Bharat Petroleum Corporation Ltd’s share price closed 0.8 percent up at Rs 477 from the previous close of Rs 472.85. The share has risen 26 percent in the last month and 41 percent in the year to date.
Hindustan Petroleum Corporation Ltd
On Wednesday, Petroleum Corporation Ltd’s share price was 3 percent up and hit its 52-week high at Rs 396.00 from the previous close of Rs 384.25. The share has risen 40 percent in the last month and 64 percent in the year to date.
Indian Oil Corporation Ltd
On Wednesday, Indian Oil Corporation Ltd’s share price was 2 percent up and hit its 52-week high of Rs 121.85 from the previous close of Rs 117.70. The share has risen 16 percent in the last month and 55 percent in the year to date.
Written by Sriram KV
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