{"id":507353,"date":"2022-07-20T11:48:05","date_gmt":"2022-07-20T06:18:05","guid":{"rendered":"https:\/\/infralive.com\/web\/?p=507353"},"modified":"2022-07-20T13:46:39","modified_gmt":"2022-07-20T08:16:39","slug":"windfall-tax-cut-to-normalise-equity-multiples-of-ril-ongc-morgan-stanley","status":"publish","type":"post","link":"https:\/\/infralive.com\/web\/windfall-tax-cut-to-normalise-equity-multiples-of-ril-ongc-morgan-stanley\/","title":{"rendered":"Windfall tax cut to normalise equity multiples of RIL, ONGC: Morgan Stanley"},"content":{"rendered":"<p>The government&#8217;s quicker-than-expected cut in windfall tax on fuel exports should &#8220;normalize equity multiples&#8221; of Reliance Industries and state-owned ONGC (Oil and Natural Gas Corporation), analysts at Morgan Stanley said on Wednesday. Besides, they see ONGC earning profit per barrel worth $25, which is 20 per cent higher over last year&#8217;s profit.<\/p>\n<p>&#8220;RIL&#8217;s gross refining margins (GRM), is currently near $13 per barrel, i.e. near upcycle margins, as reduction in fuel margins is cushioned by lower crude official selling price (OSPs). ONGC, meanwhile, is seeing profit\/bbl at$25, i.e. 20 per cent above last year&#8217;s levels. More importantly, the move lowers investor concerns on a potential downgrade cycle for the stocks in a recessionary demand environment,&#8221; Morgan Stanley said.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The government&#8217;s quicker-than-expected cut in windfall tax on fuel exports should &#8220;normalize equity multiples&#8221; of Reliance Industries and state-owned ONGC (Oil and Natural Gas Corporation), analysts at Morgan Stanley said on Wednesday. Besides, they see ONGC earning profit per barrel worth $25, which is 20 per cent higher over last year&#8217;s profit. &#8220;RIL&#8217;s gross refining margins (GRM), is currently near $13 per barrel, i.e. near upcycle margins, as reduction in fuel margins is cushioned by lower crude official selling price (OSPs). ONGC, meanwhile, is seeing profit\/bbl at$25, i.e. 20 per cent above last year&#8217;s levels. More importantly, the move lowers [&hellip;]<\/p>\n","protected":false},"author":40,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[135,130,169],"tags":[],"class_list":["post-507353","post","type-post","status-publish","format-standard","hentry","category-business-standard-newspapers","category-newspapers","category-oil-gas-business-standard-newspapers"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/507353","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/40"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=507353"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/507353\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=507353"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=507353"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=507353"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}