Introduction:
A windfall tax is a special levy imposed on companies that make extraordinary profits due to unexpected changes in the market. It is typically introduced when industries benefit from a surge in commodity prices, capturing revenue from these excess gains.
On December 2, 2024, the Indian government scrapped the windfall tax on crude oil, petrol, diesel, and Aviation Turbine Fuel (ATF) exports. This decision is expected to boost the profits of major oil producers and provide relief to companies like Reliance and ONGC.
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Oil India
Oil India Limited is a state-owned oil and gas exploration and production company. It engages in the exploration, development, and production of crude oil and natural gas, primarily in India and the Middle East.
On December 2, 2024, Oil India Limited (NSE: OIL) opened at ₹485.20, down 1.11% from ₹490.60. The stock reached a high of ₹493.25 (0.54%) and a low of ₹478.00. By 3:40 PM, it traded at ₹478.40, a 2.49% decline, with a market cap of ₹77,816.92 crore.
Vedanta
Vedanta Resources Limited (NSE: VEDL) is a global diversified natural resources company with operations in metals, oil, gas, zinc, lead, silver, copper, iron ore, and aluminum. It focuses on sustainable growth and value creation in resource extraction.
On December 2, 2024, Vedanta Limited opened at ₹453.50, unchanged from the previous close of ₹453.50. The stock reached a high of ₹461.20 (1.64%) and a low of ₹453.00. By 3:42 PM, it traded at ₹460.95, a 1.64% increase, with a market cap of ₹1,80,249.34 crore.
ONGC
Oil and Natural Gas Corporation (NSE: ONGC) is India’s largest oil and gas exploration and production company. It operates in both upstream and downstream segments, focusing on domestic and international energy exploration, production, and refining operations.
On December 2, 2024, Oil & Natural Gas Corporation Limited opened at ₹255.50, up 0.31% from ₹256.70. The stock reached a high of ₹258.30 (0.37%) and a low of ₹252.70. By 3:44 PM, it traded at ₹257.65, a 0.37% increase, with a market cap of ₹3,24,130.89 crore.
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Reliance
Reliance Industries Limited is a conglomerate with business interests in petrochemicals, refining, oil and gas exploration, telecommunications, retail, and digital services. It is one of India’s largest private sector companies by market capitalization.
On December 2, 2024, Reliance Industries Limited (NSE: RELIANCE) opened at ₹1,288.00, up 0.45% from ₹1,292.20. The stock reached a high of ₹1,311.35 (1.42%) and a low of ₹1,277.05. By 3:44 PM, it traded at ₹1,310.60, a 1.42% increase, with a market cap of ₹17,73,541.47 crore.
Disclaimer: The above article is written for educational purposes, and the companies’ data mentioned in the article may change with respect to time The securities quoted are exemplary and are not recommendatory.
