Synopsis
Stocks of refiners and explorers plunged last week after the government announced the tax. ONGC and Reliance Industries (RIL) were the leading Nifty decliners Friday: The state-run oil explorer lost more than 13% while RIL, the biggest stock on the gauge, fell more than 7%.
ET Intelligence Group: The Centre’s decision to impose windfall taxes on refiners and oil explorers is likely to see an earnings cut of 5-15% in the ongoing fiscal on lower revenues, lengthening the odds on earnings upgrades and weighing on the ascribed valuation multiples for energy companies.
Stocks of refiners and explorers plunged last week after the government announced the tax. ONGC and Reliance Industries (RIL) were the leading Nifty
- FONT SIZE
AbcSmall
AbcMedium
AbcLarge
Why ?
-
Exclusive Economic Times Stories, Editorials & Expert opinion across 20+ sectors
-
Stock analysis. Market Research. Industry Trends on 4000+ Stocks
-
Clean experience with
Minimal Ads -
Comment & Engage with ET Prime community -
Exclusive invites to Virtual Events with Industry Leaders -
A trusted team of Journalists & Analysts who can best filter signal from noise