{"id":76039,"date":"2022-12-02T13:36:00","date_gmt":"2022-12-02T08:06:00","guid":{"rendered":"https:\/\/tradebrains.in\/features\/?p=76039"},"modified":"2022-12-02T14:26:18","modified_gmt":"2022-12-02T08:56:18","slug":"oil-and-gas-stocks-inch-higher-brokerages-see-up-to-45-upside","status":"publish","type":"post","link":"https:\/\/tradebrains.in\/features\/oil-and-gas-stocks-inch-higher-brokerages-see-up-to-45-upside\/","title":{"rendered":"Oil and gas stocks inch higher; Brokerages see up to 45% upside"},"content":{"rendered":"<div class=\"trade-content_2\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-3755917382\"><p><a href=\"https:\/\/tradebrains.in\/get\/telegram\/\"><img decoding=\"async\" class=\"alignnone wp-image-101992\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2023\/01\/telegram-channel-300x119.png\" alt=\"\" width=\"148\" height=\"59\" \/><\/a> <a href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMN3Epgswxc--Aw?hl=en-IN&amp;gl=IN&amp;ceid=IN%3Aen\"><img decoding=\"async\" class=\"alignnone wp-image-123430\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png\" alt=\"follow-on-google-news\" width=\"222\" height=\"61\" srcset=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png 300w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-150x41.png 150w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news.png 468w\" sizes=\"(max-width: 222px) 100vw, 222px\" \/><\/a><\/p>\n<\/div><p>Oil and gas stocks inched higher on Friday&#8217;s early trades as the Government of India (GoI) was mulling over a further reduction of the windfall tax on exports of locally produced oil and diesel.&nbsp;<\/p><div class=\"trade-content_7\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-1639268287\"><!-- Composite Start --> \r\n <div id=\"M923760ScriptRootC1549812\"> \r\n <\/div> \r\n <script src=\"https:\/\/jsc.mgid.com\/t\/r\/tradebrains.in.1549812.js\" async> \r\n <\/script> \r\n <!-- Composite End --><\/div><p>Some of the gainers include Oil &amp; Natural Gas Corporation Ltd (up 0.86%), Gujarat Gas Ltd (up 2.67%), Indian Oil Corporation Ltd (up 0.79%), and Bharat Petroleum Corporation Ltd (up 0.32%).&nbsp;<\/p><p>On the other hand, Hindustan Petroleum Corporation Ltd (down 0.19%), GAIL (India) Ltd (down 0.43%), Adani Total Gas Ltd (down 1.20%) and Reliance Industries Ltd (down 0.76%) moved lower.&nbsp;<\/p><p>On December 01, 2022, the Government of India reduced the windfall tax on crude oil export from \u20b910,200 per tonne to \u20b94,900 per tonne. In addition, it reduced the duty on diesel export from \u20b910.50 per litre to \u20b98 per litre. These changes have become effective from December 02, 2022.&nbsp;<\/p><div class=\"trade-content_5\" id=\"trade-1777653655\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_2_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"7925020301\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div><p>Here are a few stocks in which brokerages see an upside:&nbsp;<\/p><h4 class=\"wp-block-heading\" id=\"h-reliance-industries-ltd\"><strong>Reliance Industries Ltd&nbsp;<\/strong><\/h4><p>The shares of Reliance Industries jumped by more than 7% in the past month. They were trading at \u20b9 2723.70 (up 0.015%) at 01:03 PM on Friday. Jefferies has raised the target price of Reliance industries to \u20b9 3,100.00. This translates to an upside of 13.825% as compared to its current share price. The brokerage said that the removal of the export duty could boost Reliance Industries\u2019 FY24 EBITDA by $1 billion.&nbsp;<\/p><h4 class=\"wp-block-heading\"><strong>Bharat Petroleum Corporation Ltd (BPCL)&nbsp;<\/strong><\/h4><p>BPCL\u2019s shares were trading at \u20b9 340.80 apiece at 01:08 PM on Friday. Brokerage firm Sharekhan is bullish on the stock and has recommended a buy rating with a target price of \u20b9 375.00. This implies an upside of 10.04% as compared to the current share price. It said that the gradual petrol\/diesel price hikes or decline in crude oil prices coupled with the likely normalisation of refining margins would drive earnings recovery in H2FY23-FY24.&nbsp;<\/p><h4 class=\"wp-block-heading\"><strong>Oil &amp; Natural Gas Corporation Limited (ONGC)&nbsp;<\/strong><\/h4><p>ONGC\u2019s shares were trading at \u20b9 141.35 apiece at 01:17 PM on Friday. JM Financial has a buy call on the shares with a target price of \u20b9 205.00. This translates to an upside of 45.03% as compared to the current share price. ONGC is the largest crude oil and natural gas Company in India. It contributes around 71 per cent to Indian domestic production.&nbsp;<\/p><p><strong>Written by Simran Bafna\u00a0<\/strong><\/p><div class=\"trade-after-content\" id=\"trade-4124894028\"><div id=\"taboola-below-article-thumbnails\"><\/div>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({\r\n    mode: 'alternating-thumbnails-a',\r\n    container: 'taboola-below-article-thumbnails',\r\n    placement: 'Below Article Thumbnails',\r\n    target_type: 'mix'\r\n  });\r\n<\/script>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({flush: true});\r\n<\/script><\/div>","protected":false},"excerpt":{"rendered":"<p>Oil and gas stocks inched higher on Friday&#8217;s early trades as the Government of India (GoI) was mulling over a further reduction of the windfall tax on exports of locally produced oil and diesel.&nbsp; Some of the gainers include Oil &amp; Natural Gas Corporation Ltd (up 0.86%), Gujarat Gas Ltd (up 2.67%), Indian Oil Corporation [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":16803,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[4865,31],"tags":[],"class_list":["post-76039","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-analysis","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.5 (Yoast SEO v25.0) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Oil and gas stocks inch higher; 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