ONGC, Oil India, Mangalore Refinery Shares Rise As Govt Slashes Windfall Tax

Shares of Oil and Natural Gas Corporation Ltd (ONGC), Oil India, and Mangalore Refinery & Petrochemicals (MRPL) witnessed a surge of more than 4% on NSE and BSE in intraday on October 3, 2022.

Earlier this month on Saturday, government announced a cut on windfall profit tax on locally produced crude oil and diesel in line with a decline in global rates and scrapped the levy on the export of jet fuel effective from October 2, 2022, as per a PTI report.
As per report, government reduced the tax on domestically produced crude oil to Rs 8,000 per tonne from Rs 10,500 per tonne at the sixth fortnightly review and the levy on the export of diesel was reduced to Rs 5 per litre from Rs 10 per litre.

Meanwhile, the tax at the rate of Rs 5 per litre on Aviation Turbine Fuel (ATF) exports has been scrapped effective from October 2, as per the finance ministry notification on Saturday.

1) ONGC

The stock of ONGC gained 4.34% intraday on BSE. The current market price of ONGC is Rs 132 apiece with the 52-week high at Rs 194 apiece and 52-week low at Rs 119 apiece. The company has a market capitalisation of Rs 1,66,500.00 crore.

2) Oil India Ltd

The shares of Oil India surged 3.32% intraday on BSE on Monday in trade. The current market price of the stock is Rs 180 apiece with 52-week high at Rs 306 apiece and 52-week low at Rs 168 apiece, respectively. The company has a market capitalisation of Rs 19,551.83 crore.

3) Mangalore Refinery and Petrochemicals Ltd

The stock has gained 1.43% intraday on NSE in trade on October 3, 2022. The current market price of the stock is Rs 60.20 apiece. It has a market capitalization of Rs 10, 550 crore. The stock's 52-week high is quoted at Rs 127 apiece and 52-week low is quoted at Rs 37 apiece, respectively.