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Finance Minister Sitharaman has deferred the Rs 15,000 crore equity infusion for fuel retailers to support energy transition projects. The budget documents did not provide any funds either in the current fiscal or the next for filling of the strategic reserves.
The government has also scrapped its plan to spend ₹5,000 crore on filling the strategic petroleum reserve (SPR). Crude oil has been very volatile this fiscal year and is currently trading around $80 per barrel, making it harder for officials to make purchase decisions.
With the Budget approaching, there is speculation about a possible cut in excise duty on petrol and diesel. However, the stabilization of global oil prices makes further reductions in fuel taxes unlikely. Oil Marketing Companies (OMCs) have seen enhanced marketing margins due to the softening of crude prices, which could warrant a fuel price cut. The fiscal deficit and the impact on state tax collections are important considerations.
Bharat Petroleum Corporation Ltd. key Products/Revenue Segments include Petroleum Products, Oil Crude, Other Operating Revenue, Subsidy for the year ending 31-Mar-2022.
Bharat Petroleum Corporation Ltd (BPCL) reported an 82% rise in net profit for the December quarter. While the ongoing attacks on shipping vessels by Houthi militants in the Red Sea have not impacted flow to India. However, the freight has gone up due to rerouting via the Cape of Good Hope. Price reduction of the retail selling prices of our fuel products is speculative as the global situation remains volatile.
Analysts at JPMorgan shared an 'overweight' call on BPCL, with a target price of Rs 600 per share, saying that the reported refining margins beat model
In Tuesdays trading session, the following five stocks witnessed a build of fresh long positions. Let us first understand how this conclusion is reached whether the stock has seen a buildup of fresh long position or not.
Shares of BPCL hit a 52-week high on the NSE, rising 5% following its Q3 earnings. The company plans to invest Rs 1.5-1.7 lakh crore in capex over the next 5 years. BPCL is well-positioned for the Mozambique gas project and is unaffected by the Red Sea crisis. The company expects oil prices at $80-$90/BBL in the next 6 months. Citi retains its 'buy' rating with a price target of Rs 560. Motilal Oswal maintains a 'neutral' view on the stock.
BPCL Q3 Results: BPCL's quarterly net profit rose by 73.4% YoY to Rs 3,397.30 crore, surpassing the estimated Rs 3,271 crore. Revenue from operations declined 3% YoY to Rs 1.15 lakh crore but exceeded the estimated Rs 1.05 lakh crore. Total expenses dropped to Rs 1.26 lakh crore from Rs 1.32 lakh crore a year ago. Refinery throughput increased to 9.86 million tonnes from 9.39 million tonnes a year ago. Market sales rose marginally to 12.92 million tonnes from 12.81 million tonnes a year ago.
Oil stocks jumped up to 8% on Monday led by gains in state-run Oil & Natural Gas Corporation (ONGC) and market heavyweight Reliance Industries (RIL) on fuel supply concerns in the aftermath of a missile attack on a Trafigura-operated fuel tanker in the Red Sea.