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HDFC Securities Institutional Equities
Reliance Industries Ltd., Oil and Natural Gas Corporation Ltd., and Oil India Ltd. stocks declined 7-15% on July 01, 2022 as investors took a dim view of the new levies applied on the sector.
The government announced export taxes and imposed restrictions on exports of petrol, diesel and aviation turbine fuel in order to secure supplies of these products domestically at a time when exports are becoming highly remunerative.
Similarly, given the sharp surge in oil prices, the government also levied a special additional excise duty on production of crude oil.
For the stocks under our coverage, the above-mentioned taxes should adversely impact RIL, ONGC, and Oil India.
Based on the gazette notification, it remains unclear if the export tax/cess is applicable on the export oriented units refineries.
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