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India's recent decision to reduce the windfall tax on oil has sent ripples through the stock market, particularly for oil giants like ONGC, BPCL, and HPCL. The tax cut, which has been lowered to ₹4,600 per tonne, is expected to boost the profitability of these companies, leading to a potential surge in their share prices. This move comes as a relief to the oil sector, which had been burdened by the previous windfall tax imposed by the government. The tax, which was levied on the profits made by oil companies due to the recent rise in global crude oil prices, was seen as a deterrent to investment and exploration activities in the sector.
Source: ONGC, BPCL, HPCL, other oil stocks in focus as India cuts windfall tax to ₹4,600 per tonne
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