Stock Market: Shares of oil majors Reliance Industries (RIL) and ONGC are rising after the Finance Ministry on Monday removed unexpected taxes on aviation turbine fuel (ATF), crude products, diesel and petrol products.
Reliance Industries Limited (RIL) shares were trading at ₹1,307.50 as of 2:21PM on Dec 2, 2024, up ₹15.30 (1.18%) from the previous day. Today’s trading started at ₹1,300.20 and the day’s high was ₹1,309.60, while the low was ₹1,277.05. Reliance has a market cap of ₹17.71 lakh crore and a P/E ratio of 26.05. The dividend yield is 0.38%, while the 52-week high is ₹1,608.80 and low is ₹1,184.95.
Shares of Oil and Natural Gas Corporation Limited (ONGC) opened at ₹256.05 and touched the day’s high of ₹258.30, while hitting a low of ₹252.70. The company has a market cap of ₹3.20 lakh crore and a P/E ratio of 7.17. The dividend yield is 4.87%. 52 week high is ₹345.00 and low is ₹192.05.
Reliance Industries share Rs. From a low of Rs 1,277. 1,307, while ONGC shares also traded at Rs. 252.70 to Rs. Was 258.10.
This levy has been imposed after the government recently decided to completely eliminate the windfall tax on crude oil, which was first reduced to ₹1,850 per tonne in August and then completely removed in September Had gone. Export tax on diesel and ATF has also been abolished, giving relief to oil producers and exporters.
The windfall tax was implemented in July 2022 during the Russia-Ukraine war when oil companies made extraordinary profits as global crude prices rose. This tax was imposed with the aim of earning this extraordinary profit and increasing the revenue of the government. Now, with the removal of tax, the profits of oil companies are expected to increase.
