{"id":90662,"date":"2023-02-16T14:50:00","date_gmt":"2023-02-16T09:20:00","guid":{"rendered":"https:\/\/tradebrains.in\/features\/?p=90662"},"modified":"2023-02-16T15:47:33","modified_gmt":"2023-02-16T10:17:33","slug":"2-oil-stocks-jump-as-government-slashes-windfall-tax-sharply","status":"publish","type":"post","link":"https:\/\/tradebrains.in\/features\/2-oil-stocks-jump-as-government-slashes-windfall-tax-sharply\/","title":{"rendered":"2 Oil stocks jump as government slashes windfall tax sharply\u00a0"},"content":{"rendered":"<div class=\"trade-content_2\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-1382809923\"><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>The shares of Oil India and Oil &amp; Natural Gas Corporation (ONGC) appreciated to the tune of 5.97% and 4.17% respectively on Thursday\u2019s intraday trade after the government slashed the windfall profit tax on domestically produced crude oil.&nbsp;<\/p><div class=\"trade-content_7\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-2019992943\"><!-- 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>The Centre levies windfall tax on the profits made by oil producers, on the price they get above $75 per barrel. The windfall tax on domestically produced crude oil was reduced from \u20b9 5,050 per tonne to \u20b9 4,350 per tonne. It slashed the additional excise duty on aviation turbine fuel (ATF) to \u20b9 1.5 per litre from \u20b9 6 per litre earlier. Cess has been reduced to $ 7.4\/bbl from February 16.&nbsp;<\/p><h4 class=\"wp-block-heading\" id=\"h-oil-india\"><strong>Oil India\u00a0<\/strong><\/h4><p>Prabhudas Lilladher has a buy rating on the shares of Oil India, with a target price of \u20b9 305.00. This translates to an upside of 17.81% as compared to its share price of \u20b9 258.9 apiece at 01:26 PM on Thursday.&nbsp;<\/p><p>\u201cWe believe OINL\u2019s earnings will ride on new capacity addition across crude oil, natural gas and refinery. Maintain \u2018BUY\u2019 with TP of Rs305 (Rs300), based on 3.0x\/EV\/E FY24E,\u201d the brokerage said.&nbsp;<\/p><div class=\"trade-content_5\" id=\"trade-162563339\"><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><h4 class=\"wp-block-heading\"><strong>Oil &amp; Natural Gas Corporation (ONGC)\u00a0<\/strong><\/h4><p>Motilal Oswal has a buy rating on the shares of ONGC with a target price of \u20b9 198.00, which translates to an upside of 28.90% as compared to its share price of \u20b9 153.60 apiece at 01:30 PM on Thursday.&nbsp;<\/p><p>\u201cThe year 2023 is likely to be a defining year for ONGC with two prominent triggers. These are: a) a rise in domestic oil &amp; gas production, and b) possible floor on gas realization. Both are likely to play out in favor of the company, an outcome that makes us pitch ONGC as the top idea for 2023 in the sector,\u201d the brokerage said.&nbsp;<\/p><p><strong>Written by Simran Bafna\u00a0<\/strong><\/p><div class=\"trade-after-content\" id=\"trade-1475362478\"><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>The shares of Oil India and Oil &amp; Natural Gas Corporation (ONGC) appreciated to the tune of 5.97% and 4.17% respectively on Thursday\u2019s intraday trade after the government slashed the windfall profit tax on domestically produced crude oil.&nbsp; The Centre levies windfall tax on the profits made by oil producers, on the price they get [&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-90662","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>2 Oil stocks jump as government slashes windfall tax sharply\u00a0 - Trade Brains Features<\/title>\n<meta name=\"description\" content=\"The Centre levies windfall tax on the profits made by oil producers, on the price they get above $75 per barrel. The windfall tax on domestically produced crude oil was reduced from \u20b9 5,050 per tonne to \u20b9 4,350 per tonne. It slashed the additional excise duty on aviation turbine fuel (ATF) to \u20b9 1.5 per litre from \u20b9 6 per litre earlier. Cess has been reduced to $ 7.4\/bbl from February 16.\u00a0\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/tradebrains.in\/features\/2-oil-stocks-jump-as-government-slashes-windfall-tax-sharply\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"2 Oil stocks jump as government slashes windfall tax sharply\u00a0\" \/>\n<meta property=\"og:description\" content=\"The Centre levies windfall tax on the profits made by oil producers, on the price they get above $75 per barrel. The windfall tax on domestically produced crude oil was reduced from \u20b9 5,050 per tonne to \u20b9 4,350 per tonne. It slashed the additional excise duty on aviation turbine fuel (ATF) to \u20b9 1.5 per litre from \u20b9 6 per litre earlier. 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