PSU multibagger OMC surges to 52-week high; ONGC also rises as government increases windfall gains tax on crude

Windfall Gains Tax: Multibagger PSU stock Oil India shares surged to a 52-week high, while Oil and Natural Gas Commission (ONGC) shares jumped by over 2.40 per cent on BSE on Tuesday after the central government increased windfall gains tax on crude oil from Rs 3,250 to Rs 6,000 per tonne.

Here's how oil and marketing (OMC) firm Oil India and ONGC shares are trading after a hike in windfall gains tax.

Oil India share price

After closing the trading session at Rs 476.00 a day ago, the stock of Oil India soared by 7.34 per cent to hit a 52-week high of Rs 510.95 on Tuesday.

The Oil India stock that started the session at Rs 481.60 on Tuesday closed trading higher by 1.93, or Rs 9.20, at Rs 485.20.

The stock of Oil India has surged over 101 per cent in a year.

Earlier, the PSU had announced the issuance of a 1:2 bonus share for its investors. 

The PSU OMC has fixed July 2 as the ex-date or record date for bonus issue.

ONGC share price

After closing the trading session at Rs 273.00 a day ago, the stock of the OMC PSU rose by 2.45 per cent to Tuesday's high of Rs 279.70.

The stock of the PSU closed trading on Tuesday higher by 0.62 per cent, or Rs 1.70, at Rs 274.70.

The ONGC stock has soared nearly 70 per cent on BSE in a year.

Windfall gains tax hike

The government has hiked windfall tax on domestically produced crude oil to Rs 6,000 per tonne, from Rs 3,250 per tonne, with effect from Tuesday.

The tax is levied in the form of Special Additional Excise Duty (SAED).

The SAED on the export of diesel, petrol and jet fuel or ATF, has been retained at 'nil'.