Oil Stocks Outlook For The Week - 30.07.2018 To 03.08.2018
Shares of Reliance Industries Ltd will be in focus early next week as the company detailed its Apr-Jun earnings yesterday after market hours. The Mukesh Ambani-led behemoth reported a 3.9% on-year rise in consolidated net profit to 94.59 bln rupees, and a gross refining margin of $10.5 per barrel. The company's Apr-Jun bottom-line as well as the reported gross refining margin were in line with expectations. Later during the week, the focus would shift to state-owned Oil and Natural Gas Corp Ltd, as the upstream major is scheduled to detail its earnings for the June quarter on Thursday. We expect ONGC to report a 65.4% on-year rise in net profit to 64.25 bln rupees. Apart from the focus on Apr-Jun earnings, the movement in crude oil prices will be a major factor influencing the movement in stocks of oil companies, both upstream as well as downstream. Prices of crude oil are expected to fall on global and domestic exchanges next week as disruption of Saudi Arabian shipments through Red Sea is seen as temporary and as the US production has been at record high levels. Any movement in benchmark indices on account of the Reserve Bank of India's monetary policy statement on Wednesday may also impact oil stocks. Most economists expect the central bank to raise the repo rate by 25 basis points.
Source : Cogencis Information Services Ltd.
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Shares of Reliance Industries Ltd will be in focus early next week as the company detailed its Apr-Jun earnings yesterday after market hours. The Mukesh Ambani-led behemoth reported a 3.9% on-year rise in consolidated net profit to 94.59 bln rupees, and a gross refining margin of $10.5 per barrel. The company's Apr-Jun bottom-line as well as the reported gross refining margin were in line with expectations. Later during the week, the focus would shift to state-owned Oil and Natural Gas Corp Ltd, as the upstream major is scheduled to detail its earnings for the June quarter on Thursday. We expect ONGC to report a 65.4% on-year rise in net profit to 64.25 bln rupees. Apart from the focus on Apr-Jun earnings, the movement in crude oil prices will be a major factor influencing the movement in stocks of oil companies, both upstream as well as downstream. Prices of crude oil are expected to fall on global and domestic exchanges next week as disruption of Saudi Arabian shipments through Red Sea is seen as temporary and as the US production has been at record high levels. Any movement in benchmark indices on account of the Reserve Bank of India's monetary policy statement on Wednesday may also impact oil stocks. Most economists expect the central bank to raise the repo rate by 25 basis points.
Source : Cogencis Information Services Ltd.
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