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ONGC, Indian Oil shares at 52-week highs; BSE oil & gas, energy indices hit record as crude soars past $70

Oil stocks were in focus today as Brent crude futures surged over $70 a barrel on Monday for the first time since Coronavirus pandemic began, following the reports of attacks on Saudi Arabian oil facilities. S&P BSE Oil & Gas index reached a record high of 16,588.30 level, led by gains in GAIL, ONGC (Oil and Natural Gas Corporation Ltd), Indian Oil Corporation Ltd, which hit their respective new 52-week highs. Also, Reliance Industries Ltd (RIL) stock price jumped 2.4 per cent to Rs 2,231 apiece. In the afternoon deals, Brent crude futures for May were up 1.64 per cent to $70.50 a barrel. Moreover, after a gap of 13 months, Brent crude oil price had breached the $60 a barrel mark.

Similarly, the S&P BSE Energy index too scaled a fresh all-time high of 6,925.72 level. The top gainers in the index were Hindustan Oil Exploration Co., Oil India Ltd, Coal India, Bharat Petroleum Corporation Ltd (BPCL), and Hindustan Petroleum Corporation Ltd (HPCL) among others. The index had hit a 52-week low of 3,011.34 on March 23, 2020, on the back of coronavirus-induced lockdown in most of the countries around the world.

Besides attacks on Saudi Arabian oil facilities, the rally in oil prices was fuelled primarily by the decision of OPEC and its allies not to increase production in April. Sriram Iyer, Senior Research Analyst at Reliance Securities, said that the only factor limiting upside was a stronger Dollar. The dollar has hit its highest since November on Friday. The oil rig count, an early indicator of future output, rose one to 310 in the week to March 5, energy services firm Baker Hughes Co said. CFTC data showed that speculators cut their net long US crude futures and options positions by 3,323 contracts to 399,220 in the week to March 2. Yemen’s Houthi forces fired drones and missiles at the heart of Saudi Arabia’s oil industry, including a Saudi Aramco facility at Ras Tanura vital to petroleum exports.

Iyer added that technically, WTI Crude Oil has given a fresh breakout above $67.00 level indicating a further upside movement up to $67.90-$68.45 levels. Support is at $66.95-$66.10 levels. On the domestic front, technically, MCX Crude Oil will continue to trade on bullish momentum up to 4910-4970 levels. Support is at 4800-4735 levels, he added.

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Gold prices fall Rs 208; silver up by Rs 602

Gold prices on Wednesday fell by Rs 208 to Rs 44,768 per 10 gm in the national capital, in line with the bleak trends in the international market, according to HDFC Securities. The precious metal had closed at Rs 44,976 per 10 grams in the previous trading session.

Silver, on the other hand, rose by Rs 602 to Rs 68,194 per kg as compared with the previous close of Rs 67,592 per kg. HDFC Securities Senior Analyst (Commodities) Tapan Patel, “Spot prices for 24 karat gold in Delhi fell by Rs 208 in line with decline in global gold prices and rupee appreciation.”

The rupee was trading around 45 paise stronger against the dollar during the day, he added. In the international market, gold was trading lower at USD 1,730 an ounce and silver was also marginally down at USD 26.68 an ounce.

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BPCL stocks soar over 6 pc after the board approves stake sale in Numaligarh refinery

Shares of Bharat Petroleum Corporation Ltd (BPCL) on Tuesday zoomed over 6 per cent in early trade after the company said that it will exit Numaligarh refinery in Assam.

BPCL said it will exit Numaligarh refinery in Assam by selling its entire stake to a consortium of Oil India Ltd and Engineers India Ltd for Rs 9,876 crore.

The sale of Numaligarh Refinery Ltd clears the way for privatisation of India’s second-largest fuel retailer. On BSE, the shares touched 52-week high value of Rs 482.40, up 6.04 per cent. Similarly, on NSE, the scrip surged 5.96 per cent to 52-week high value of Rs 482.40.

In keeping with the Assam Peace Accord, the government had decided to keep Numaligarh Refinery Ltd (NRL) in the public sector. As part of this, BPCL was to sell its entire 61.65 per cent stake to state-owned firms.

A consortium of Oil India Ltd, Engineers India Ltd, and the government of Assam expressed interest in buying the stake and the BPCL board on Monday approved the sale.

“The board of directors of BPCL at the meeting held on March 1, 2021, has approved the proposal for sale of entire equity shares of 445.35 crore held by BPCL in NRL to a consortium of OIL and EIL and to government of Assam,” the firm said in a filing to the stock exchanges.

The consortium of OIL and Engineers India Ltd is likely to acquire 49 per cent and the rest 13.65 per cent will be sold to the government of Assam.

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Zerodha customers complain of glitches on Monday morning; NSE, BSE says systems running smooth

India’s largest brokerage house Zerodha was again making headlines on Monday morning, facing customer ire over complaints that prices and trading froze on its trading platform, resulting in losses to users of the discount broking service. HDFC Securities also reported glitches and blocked trading in NSE cash due to the said glitch. Customers took to social media websites to complain about the platform. Both, National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) were immediate to respond, claiming that their platforms were running smoothly, dousing concerns of another trading conundrum.

Zerodha’s customer complaints on Twitter ranged from frozen prices, F&O update lag, and even order placement errors on Kite. Along with Zerodha, other discount brokerage firm, Angel Broking was also facing some hostility from customers who reported similar glitches and problems in trading on NSE.

Traditional brokerage firm HDFC Securities too was among those who faced glitches. “We have blocked trading in NSE cash due to a technical glitch. We request our customers to place cash orders on BSE. All other segments are working fine. Apologies for the inconvenience caused,” HDFC Securities said in the tweet. However, both NSE and BSE said their operations were running smoothly. The trading halt on NSE, placed by HDFC Securities, continued for nearly 20 minutes on Monday morning.

Last week’s ghosts resurface

The outage on various platforms comes less than a week after NSE faced a major technical glitch that where exchange feeds for Nifty, Bank Nifty and other indices stopped for all brokerage firms. The glitched forced NSE to halt trading nearly three hours into the day’s session. Meanwhile, F&O and intra-day orders could not be exited across brokerages. Zerodha had then exited all intra-day equity positions for their clients on BSE without their individual consent, bringing the company under fire as NSE resumed trading post-normal hours.

Nitin Kamath, Founder and CEO of Zerodha has defended the company’s actions. “A lot has been said about what we should have done on February 24, when NSE halted trading. Of course, with hindsight, it is easy now to suggest. But at 3 PM on February 24, the best option was to square off all NSE intraday positions on BSE,” he tweeted.

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