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Synopsis
Shares of refiners and explorers plunged final week after the federal government introduced the tax. ONGC and Reliance Industries (RIL) have been the main Nifty decliners Friday: The state-run oil explorer misplaced greater than 13% whereas RIL, the most important inventory on the gauge, fell greater than 7%.
ET Intelligence Group: The Centre’s choice to impose windfall taxes on refiners and oil explorers is more likely to see an earnings minimize of 5-15% within the ongoing fiscal on decrease revenues, lengthening the chances on earnings upgrades and weighing on the ascribed valuation multiples for vitality firms.
Shares of refiners and explorers plunged final week after the federal government introduced the tax. ONGC and Reliance Industries (RIL) have been the main Nifty
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