
ONGC, Oil India, Reliance share price rise: Upsteam oil producers to benefit most from windfall tax being scrapped
Live MintStock Market Today: Oil and Natural Gas Corporation, Oil India, Reliance Industries saw thair share price rise up to 3% in the intaday trades on Tuesday. Oil india share price to gained more than 1% and so did Selan Exploration Technology Ltd, Hindustan Oil Exploration Co Ltd, Reliance Industries Ltd among others. Windfal Tax removal The removal of notifications on Windfal tax on crude oil production, and on diesel/ATF/gasoline exports, finally being withdrawn remain positive for the Oil & Gas producers mainly ONGC and Oil India though benefits may accrue to others too, said analysts. ONGC, Oil India key beneficiaries as per analysts For crude oil, while current windfall tax is nil due to lower prices, the risk of taxes returning was there if oil prices were to rise again, said Kotak Institutional Equities who added that it is more positive for upstream companies.
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