Govt Scraps Windfall Tax On Petrol, Diesel Crude Exports: These Stocks Stand To Gain - List

The government, on Monday, scrapped the windfall tax on exports of petrol, diesel and ATF. The move will benefit domestic refineries such as Reliance Industries Limited (RIL), Oil and Natural Gas Corporation ( ONGC ), Oil India Limited (OIL) and GAIL.

Windfall Tax Impact: RIL

Shortly after reports emerged that the government was poised to scrap windfall tax, shares of Reliance Industries Limited (RIL) inched slightly higher. After opening at Rs 1291.45, RIL stock closed at Rs 1309.05 apiece, higher by 1.28 per cent. With a market cap of Rs 17,70,372.68 crore, RIL is one of the biggest players in the Refineries & Marketing sector in India.

Windfall Tax Impact: OIL

Despite the government's decision to scrap the windfall tax on crude oil exports, OIL stock inched lower. After opening at Rs 485.65,  OIL stock inched lower and closed at Rs 479.35. With a market cap of Rs 78,134.11 crore, RIL is one of the biggest players in Oil Exploration & Production in India. Meanwhile, Kotak Institutional Equities has a SELL rating on OIL. In their daily report on December 2 - which was created before the government's decision on windfall tax - Kotak Institutional Equities shared the 'fair price' (target) of OIL at Rs 345.

Windfall Tax Impact: ONGC

Shares of Oil and Natural Gas Corporation Ltd (ONGC) inched slightly higher on Monday. After opening at Rs 255.90, ONGC stock inched higher and made an intraday high of Rs 258.10 and closed at Rs 257.60. With a market cap of Rs 3,23,816.39 crore, ONGC is one of the biggest players in Oil Exploration & Production in India. Meanwhile, even as Kotak Securities have a REDUCE rating on ONGC, LKP Spade has a BUY rating on the stock wut target price of ONGC at Rs 272 within a week.

Windfall Tax Impact: GAIL

Shares of Gas Authority Of India Ltd (GAIL) closed flat on Monday at Rs 199.55. With a market cap of Rs 1,30,515.73 crore, GAIL is one of the biggest players in Gas Transmission/Marketing.

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