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ONGC, RIL, And Vedanta Shares Gain Big Soon After This Key Announcement

The share of Oil and Natural Gas Corporation Ltd., Reliance Industries Ltd. and Vedanta Ltd are surging today soon after the announcement of government to cut additional excise duty levied on crude oil production.

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The share of Oil and Natural Gas Corporation Ltd., Reliance Industries Ltd. and Vedanta Ltd are surging today soon after the announcement of government to cut additional excise duty levied on crude oil production. A sudden slash in additional taxes imposed on fuel exports and crude oil production has given boost to the energy sector prospects.

 

According to PTI news, government on Wednesday scrapped a three-week-old tax on the export of petrol and cut windfall taxes on overseas shipments of diesel and ATF as well as on domestically produced crude oil after global oil prices fell. While the Rs 6 a litre export duty on petrol was scrapped, the tax on the export of diesel and jet fuel (ATF) was cut by Rs 2 per litre each to Rs 11 and Rs 4 respectively, government notifications showed.

The tax on domestically produced crude was also cut to Rs 17,000 per tonne from Rs 23,250, a move that will benefit state-owned Oil and Natural Gas Corporation (ONGC) and Vedanta Ltd. Also, correcting the anomaly that crept in when the windfall taxes were slapped on July 1, the government exempted fuel exports from refineries located in export-focused zones from the levies, added the PTI news.

The move will benefit Reliance Industries whose exports had become uncompetitive due to the export levies that were as high as USD 26 per barrel.

1. ONGC

1. ONGC

The current market price of ONGC is 133 apiece and till 1:27 pm the stock has gained 4.07%. The market capitalization of the stock is Rs 167,317 crore. The 52-week high is 194.95 apiece and 52-week low is 108 apiece. It is a company with strong financials. The PE is 3.75 which is lesser than sector PE of 4.51.

2. Reliance Industries Ltd

2. Reliance Industries Ltd

The current market price of RIL is Rs 2507 apiece with a gain of 2.91%. The 52-week high is Rs 2856 apiece and 52-week low is 2016 apiece. The current market capitalization is Rs 1,697,352 crore. Brokers have also upgraded recommendations for the stock. The PE is 27.97 which is a little higher than sector PE of 25.62.

3. Vedanta Ltd
 

3. Vedanta Ltd

The share has gained maximum till noon trading among the three stocks. It has gained 7.10% and the current market price of the stock is Rs 255.55 apiece. The 52-week high of the stock is Rs 440 apiece and 52-week low is Rs 206 apiece. It is a company with strong financials. It has a market cap of Rs 95,067 crore. Yesterday, Vedanta in its board meeting held has approved of a hefty dividend again after the previous dividend of Rs. 31.5 per share.

The Board of Directors of the Company through resolution passed by circulation on Tuesday, July 19, 2022 have approved Second Interim Dividend of ₹ 19.50 per equity share i.e. 1950% on face value of Re. 1/- per share for the Financial Year 2022-23 amounting to c. ₹ 7,250 crores.

Read more about: vedanta ongc ril reliance
Story first published: Wednesday, July 20, 2022, 13:57 [IST]
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