Oil companies shares mixed after US decided to end waivers on Iran oil imports

By: |
Published: April 23, 2019 3:01:13 PM

Shares of oil companies are trading mixed today, with oil exploration stocks trading strong, but marketing firms’ stocks under pressure, after the US decided to end exemption from sanctions to the major oil importers, including India, from Iran.

Kazakhstan, interest in the startups, BSE, बीएसई, startups, स्टार्टअप्स, कजाखस्तानOil companies shares mixed after US decision on curbing sanction waivers

Shares of oil companies are trading mixed today, with oil exploration stocks trading strong, but marketing firms’ stocks under pressure, after the US decided to end exemption from sanctions to the major oil importers, including India, from Iran.

While the shares of Indian Oil Corporation are trading down by 0.87 percent at Rs 148.40 on BSE, shares of Hindustan Petroleum Corp are trading at Rs 251.25, up 0.40 percent from the last close. Shares of Bharat Petroleum Corp are also trading lower by 1.54 percent at Rs 335.20, whereas the shares of Indraprastha Gas Ltd shares were trading at Rs 39, down by 0.64% on BSE.

Shares of upstream companies like Oil and Natural Gas Co (ONGC) and Oil India Ltd were trading in green. While the shares of ONGC were trading up at Rs 162.25, higher by 3%, shares of Oil India were also up by 1.28% at Rs 178.50 on BSE.

“The oil prices are market driven. If OMCs are not raising petrol diesel prices, it must be because of the older inventory or other factors. It is negative for the downstream oil companies as their margins will go down with the rise in oil prices while upstream companies need to do better when the oil prices go up,” Siddharth Sedani, Vice President, Equity Advisory, Anand Rathi Shares and Stock Brokers had told Financial Express Online.

Yesterday, crude oil prices surged by 3% after economic giant US announced its decision of not granting waiver to several countries from the sanctions for importing Iranian oil. After the announcement, the rupee also reacted and fell by 32 paise to 69.67 against the dollar on Monday. India and China are among the largest importers of Iranian oil. India imports around 80% of its oil requirements.

On Tuesday, in the international oil market, crude oil prices hit 2019 highs after the US said it would stop waivers by May this year. International Brent crude oil futures were trading at USD 74.55 per barrel, up 0.69 per cent from their last close.

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Next Stories
1What will drive the market today: Crude oil prices, US-Iran sanctions and other key things to watch out for
2Share market highlights: Sensex ends 80 points down, Nifty below 11,600; Yes Bank, Maruti Suzuki slump
3Asian shares steady after Easter weekend; oil hits 2019 highs