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    OIL   INE274J01014

OIL INDIA LIMITED

(OIL)
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Delayed NSE India Stock Exchange  -  07:25 2022-08-18 am EDT
191.65 INR   +0.66%
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India to drop windfall tax if oil prices fall $40 a barrel

07/04/2022 | 01:56am EDT
ONGC well is pictured in an oil field on the outskirts of western city of Ahmedabad

NEW DELHI (Reuters) - India will only withdraw its windfall tax introduced last week for oil producers and refiners if global prices of crude fall as much as $40 a barrel from present levels, Revenue Secretary Tarun Bajaj told Reuters on Monday.

The tax on firms that have increased product exports to gain from higher overseas margins took effect on July 1, as the government moves to boost domestic supply and revenue.

The taxes, and some accompanying export curbs, will hit the earnings of companies such as Reliance Industries, Nayara Energy, which is partly owned by Russia's Rosneft, the Oil and Natural Gas Corp, Oil India Ltd and Vedanta Ltd.

"The taxation would be reviewed every 15 days," Bajaj said, adding that it would depend on international crude prices. "If crude prices fall, then windfall gains will cease and windfall taxes would also be removed."

The government believes such windfall gains will cease once prices fall $40 from existing levels, Bajaj said.

Brent crude futures slipped on Monday to about $111.27 a barrel, as fears of a global recession weighed on the market even as supply remains tight amid lower OPEC output, unrest in Libya and sanctions on Russia.

U.S. West Texas Intermediate crude futures were at $108.09 a barrel. [O/R]

Bajaj did not provide any estimate of the revenue increase for the government from its windfall tax move.

(Reporting by Aftab Ahmed; Editing by Clarence Fernandez)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
LONDON BRENT OIL 2.82% 96.06 Delayed Quote.18.90%
OIL INDIA LIMITED 0.66% 191.65 Delayed Quote.-4.27%
RELIANCE INDUSTRIES LTD -0.14% 2661.3 Delayed Quote.12.54%
ROSNEFT OIL COMPANY -3.77% 351.2 End-of-day quote.-41.46%
S&P GSCI BRENT CRUDE INDEX 2.98% 815.235 Real-time Quote.19.59%
S&P GSCI NATURAL GAS INDEX 1.15% 437.026 Real-time Quote.147.40%
US DOLLAR / RUSSIAN ROUBLE (USD/RUB) -2.43% 59 Delayed Quote.-17.95%
VEDANTA LIMITED -0.30% 265.5 Delayed Quote.-21.95%
WTI 2.64% 90.194 Delayed Quote.15.49%
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Financials
Sales 2022 173 B 2 184 M 2 184 M
Net income 2022 36 634 M 461 M 461 M
Net Debt 2022 139 B 1 750 M 1 750 M
P/E ratio 2022 6,05x
Yield 2022 7,15%
Capitalization 208 B 2 608 M 2 618 M
EV / Sales 2022 2,00x
EV / Sales 2023 1,95x
Nbr of Employees 6 074
Free-Float 33,5%
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Number of Analysts 0
Last Close Price 191,65
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Ranjith Rath Chairman & Managing Director
Harish Madhav Chief Financial Officer & Director
Pankaj Kumar Goswami Operations Director & Director
Ajaya Kumar Sahoo Secretary & Compliance Officer
Pooja Suri Independent Director
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