New Delhi: Shares of companies associated to grease exploration and refineries have been in heavy demand on Wednesday, with Reliance Industries and ONGC rallying after the federal government slashed windfall tax on petrol, diesel, jet gas and crude oil.
Reliance Industries shares jumped 4.25 % to Rs 2,545.05 on the BSE.
Oil and Pure Fuel Company (ONGC) rallied 7 % to Rs 136.40.
Amongst others, Chennai Petroleum Company jumped 11.38 %, Oil India climbed 8.82 % and Mangalore Refinery and Petrochemicals superior 4.95 %.
“The reduction introduced by the federal government for the petroleum sector via discount in windfall tax and cuts in duties on exports will probably be a serious increase for the sector, significantly for RIL,” mentioned V Okay Vijayakumar, Chief Funding Strategist at Geojit Monetary Companies.
Within the fairness market, the 30-share BSE Sensex was buying and selling 714.52 factors or 1.30 % greater at 55,482.14.
The federal government on Wednesday slashed the windfall tax on petrol, diesel, jet gas and crude oil following a decline in worldwide charges.
It scrapped a Rs 6 a litre tax on export of petrol and diminished the identical on ATF from Rs 6 a litre to Rs 4. Apart from, the tax on diesel has been diminished to Rs 11 from Rs 13 per litre, in accordance with finance ministry notifications.
Additional, the Rs 23,250 per tonne further tax on crude oil produced domestically has been minimize to Rs 17,000 per tonne.
