The share of India's state companies in oil and gas production from overseas fields increased to 19.9 million metric tonnes of oil equivalent (MMTOE) in 2023-24 from 19.5 MMTOE in the previous year. Production at Russia's Skahalin-1 project normalised during the financial year, after being badly affected in 2022 following the launch of the Russia-Ukraine war.
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Stock Market Today- Hindustan Petroleum Corporation, Bharat Petroleum Corporations, Indian Oil saw their share prices rise up to 5% leading the gains for Nifty Oil & Gas index . Nifty Oil & Gas Index gained more than 1.5%%.
Crude price rises has been rising with Brent crude crossing $91 a barrel mark. BPCL was largest loser among Nifty- 50 stocks on Friday. HPCL , BPCL, IOCL share prices have corrected up to 20% from February highs. Should you sell or Hold the stocks?
The latest hike in windfall tax marks the fifth such increase since February. The move by the Indian government comes as global oil prices continue to rise amid concerns over potential disruptions in supply due to escalating geopolitical tensions.
Kotak Institutional Equities expressed concerns over OMCs' capex plans due to limited pricing freedom. Government's petrol and diesel price cut, along with rising crude oil prices, may impact energy stocks like HPCL, IOC, and BPCL.