Oil Stocks: ONGC and Oil India mixed bag after new windfall tax rates on crude oil implemented
While the share of ONGC was down 0.31 per cent to Rs 177.45, the share of Oil India was up 1.09 per cent to Rs 282.25.
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A day after the petroleum ministry's increased windfall tax rates on domestically produced crude oil came into effect, shares of prominent state-run oil companies ONGC and Oil India had a mixed bag in early trading on Wednesday. While the share of ONGC was down 0.31 per cent to Rs 177.45, the share of Oil India was up 1.09 per cent to Rs 282.25.
On Monday, the government announced that it would increase the windfall tax on petroleum crude from Rs 4,250 per tonne to Rs 7,100 per tonne.
It further said that the Special Additional Excise Duty (SAED) on diesel will be increased to Rs 5.50/litre from Rs 1/litre. While it kept the SAED on petrol at zero, the SAED on aviation turbine fuel was increased to Rs 2/litre.
ZeeBiz takes you through the performance of prominent oil stocks.
ONGC
The share of India's largest crude oil and gas company was down 0.31 per cent to Rs 177.45 in early trade hours on Wednesday.
The company announced on Tuesday that it was scaling up its renewable energy portfolio to 10 GW by 2030.
ONGC is planning to set up two green-field O2C (oil-to-chemical) plants in India, a company statement on Tuesday read.
"ONGC is investing around ₹1 trillion by the end of this decade, on its multiple green initiatives and is planning to scale up its renewable portfolio to 10 GW by 2030," the statement further said.
The new rates of the windfall tax came into effect on Tuesday, August 15.
ONGC's share in the last five sessions has jumped 2.04 per cent while it has risen 6.64 per cent in the last month.
In comparison, the Nifty 50, was down 0.68 per cent in the last five trading sessions, while its decline in the last one month has been 1.62 per cent.
Oil India
Oil India made early losses on Wednesday but recovered soon to rise 1.09 per cent to Rs 282.25 in early trading hours.
Oil India's share price has performed well in the last one month.
While, it has jumped 5.52 per cent in the last five trading sessions, its rise in the last one month is 10.40 per cent.
The company's status was also upgraded from Navratna to Maharatna early this month.
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