Oil stocks get a lift from cut in windfall taxes, RIL gains 2.5%

Mumbai: Shares of oil refiners and producers surged on Wednesday after the government cut windfall taxes on fuel exports due to falling global prices. Analysts said the move will provide a sentimental boost to these stocks and eases regulatory overhang. But investors are unlikely to rush to buy these stocks as policy risks persist, said analysts.

India’s most valued company Reliance Industries NSE -0.78 % advanced 2.5% to ₹2,501.4. ONGC NSE 0.04 % ended up 4% at ₹132.55.

Chennai Petroleum NSE -3.39 % Corp’s shares advanced 7.3% to ₹285.65 and Mangalore Refinery NSE -2.49 % ended up 5% at ₹76.30.