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Oil & Gas Stocks to buy: Shares may rally 40%; OMCs cut petrol, diesel prices as global crude rates fall

Oil marketing companies (OMCs) have started cutting petrol and diesel prices as global crude oil rates softened. So far this month, petrol prices have been cut twice while diesel rates have been slashed on five instances. Last month, petrol prices were increased on nine occasions, while diesel rates were hiked 5 times. In June and May, fuel prices were raised 16 times each month. In the past month, the cumulative cut in petrol and diesel prices stood at Rs 0.4 and Rs1.0 per litre, respectively, with crude prices hovering around USD70/bbl.

Domestic research and brokerage firm Emkay Global Financial Services has given ‘buy’ rating to seven oil and gas stocks — BPCL, GAIL, Gulf Oil Lubricants, IGL, IOCL, ONGC, Petronet LNG and see up to 38 per cent rally from current levels. In a recent sector update report, the research firm noted that demand for oil products in the first half of August 2021 has slightly recovered from the second Covid-19 wave period, though petrol and diesel sales were down 4.9 per cent and 15 per cent, respectively, (due to monsoon seasonality impact as well) and LPG was down 2.7 per cent, while ATF prices was up 25 per cent, sequentially.

Sabri Hazarika, analyst at Emkay Global Financial Services, in a report, highlighted that petrol, diesel, ATF, and LPG sales volumes rose 9.4 per cent, 18.5 per cent, 48 per cent, and 6.6 per cent, respectively, on-year. As compared to the same period in calender year 2019, petrol managed to sustain at pre-Covid levels (up 3.7 per cent), pushed up by personal mobility demand (despite all-time-high prices), though diesel, ATF and LPG demand continued to lag (down 7.9 per cent, 45 per cent, 2.5 per cent).

Oil & Gas stocks to buy
BPCL: Emkay Global Financial Services see 16 per cent upside in the BPCL stock and pegged the target price at Rs 535 per share. The brokerage firm is overweight on thil oil & gas stock.

GAIL: It will take GAIL stock to rally 38 per cent from the current level of Rs 145 apiece, to hit the target price of Rs 200 per share set by the brokerage firm. Emkay Global is overweight on GAIL stock.

Gulf Oil Lubricants: Analysts at the brokerage firm see at leat 35 per cent rally in the Gulf Oil Lubricants stock price. It has pegged a target price of Rs 800, as against the current level of Rs 591 per share. The brokerage firm has ‘buy’ rating to the stock.

IGL: Indraprastha Gas Ltd may see a rise of 21 per cent from the current level of Rs 524.60 apiece. The brokerage firm has pagged a target price at Rs 635 per share, and is overweight on the stock.

IOCL: Indian Oil Corporation Ltd stock may rally 27 per cent to Rs 135 per share share, as suggested by the brokerage firm. Emkay Global Financial Services has given ‘buy’ rating to the stock.

ONGC: Emkay Global Financial Services is overwight on the ONGC stock. The stock has a target price pegged at Rs 140, a 21 per cent rally from the current levels.

Petronet LNG: Domestic research and brokerage firm has a ‘buy’ rating to the stock. It will take Petronet LNG stock to jump as much as 18 per cent from the current levels to hit the target price of Rs 270 per share, seen by the research firm.

Eqwires Research Analyst

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ICICI bank files cheating case against Karvy Stock Broking Ltd

A case has been registered against Karvy Stock Broking Ltd promoter C. Parthasarathy and others for allegedly cheating ICICI Bank to the tune of Rs 563 crore. According to a press release issued by the police on Tuesday night, the case was booked under Sections 406 (criminal breach of trust), 420, r/w 34 ( cheating) of IPC against the accused.

Funds raised by KSBL by pledging shares of its six bankers were transferred to the firm’s own bank accounts, and not into ‘Stock Broker Client Account’, which is in contravention with the SEBI guidelines, the police said.

”Further, all pledges on securities were closed without approval and securities were transferred to end clients of KSBL thereby severely impacting security of all lenders including ICICI Bank,” it said.

The case was transferred to Economic Offences Wing of Cyberabad and a special team was formed for the investigation. Parthasarathy was arrested by the city police here on August 19 on charges of defaulting on a Rs 137 crore loan taken from IndusInd Bank.

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Sebi impanels 16 entities to conduct a forensic audit

Markets regulator Sebi has empanelled as many as 16 entities — including BDO India, Ernst & Young and Deloitte Touche Tohmatsu India — for conducting forensic audits of financial statements of listed companies as part of efforts to curb frauds.

The other empanelled entities are — Chaturvedi & Co, Chokshi & Chokshi LLP, Grant Thornton Bharat LLP, Haribhakti & Co. LLP, KPMG Assurance And Consulting Services LLP, Mukund M Chitale & Co and Protiviti India Member Pvt Ltd, according to a public notice.

In addition, Rajvanshi & Associates, Ravi Rajan & Co LLP, SKVM & Company, Suresh K Jha & Co, T R Chadha & Co LLP and V Singhi & Associates have been selected to conduct the forensic audits, it added.

Securities and Exchange Board of India (Sebi), in May, invited applications from eligible CA (Chartered Accountant) firms “for empanelment to take up assignments relating to forensic audit of financial statements of listed companies”. Pursuant to the completion of the empanelment process, these CA firms/companies have been empanelled.

In recent months, Sebi has ordered a forensic audit of certain companies.

In October 2020, Sebi asked listed companies to make disclosures about the initiation of a forensic audit to stock exchanges as part of an effort to address the gaps in the availability of information.

Under the framework, listed entities need to make disclosures about the fact of initiation of a forensic audit along with the name of the entity initiating such audit and reasons for the same, if available, to the stock exchanges. Further, the companies are required to disclose the final forensic audit report, other than for forensic audit initiated by regulatory or enforcement agencies, along with comments of the management, if any.

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NSE warns against unregulated derivative products

Leading stock exchange NSE has asked investors to refrain from investing in unregulated derivative products such as contracts for difference and binary options offered by internet-based trading platforms. In a statement, the exchange said that investors falling prey to the promises of high or exorbitant returns by these trading platforms may eventually lose money heavily. Accordingly, investors have been advised to refrain from dealing or investing in such products, it added.

The development came after the exchange noticed some unregulated platforms or websites offering to trade in certain unregulated derivative products called contracts for difference (CFD) or binary options. CFD, in market parlance, refers to a contract between a buyer and a seller that stipulates that the buyer will pay the seller the difference between the current value of an asset and its value at contract time. It permits traders and investors a chance to profit from price movement without owning the underlying assets.

The binary option is a type of option with a fixed payout in which an investor predicts the outcome from two possible results. If the prediction is correct, the investor receives the agreed payout. If not, the investor loses the initial stake. It’s called ‘binary’ because there can be only two outcomes — win or lose.

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