Tag: Stock market tips India

Best SEBI registered Intraday tips provider and Google’s highest ranking SEBI registered stock advisory company

info@eqwires.com

Telegram | Facebook | Twitter

Call: +91 9624421555 / +91 9624461555

Civil aviation ministry working on demand to bring jet fuel under GST: Pradeep Singh Kharola

The civil aviation ministry is working on the airline industry’s demand to bring Aviation Turbine Fuel (ATF) under the ambit of GST and has taken up the matter with the finance ministry, a senior official said on Friday.

Addressing a virtual event on global aviation and air cargo sector, civil aviation secretary Pradeep Singh Kharola also said the ministry has taken specific steps for optimum utilisation of the country’s vast airspace which would help international airlines overflying India as well as domestic carriers in saving costs.

ATF or jet fuel cost, which account for for 45-55 per cent of an airline’s operating expenses, in India is among the highest in the world and the industry has long been demanding that it should be brought under the Goods and Services Tax (GST) regime.

“We are working (on bringing ATF under the GST) and the matter has been taken up with the Ministry of Finance… It has to go to the GST Council. We are trying for that,” Kharola said.

At the event organised by industry body PHDCC, he also mentioned about steps taken for optimum utilisation of the country’s airspace. As a result of these measures, both cargo and passenger airlines would be able to optimise the distance flown and save costs, he added.

“We have seen that a large part of economic sectors faced great hardship and that was true even for aviation. But I can say at least for Indian aviation, it also faced a lot of difficulties but it survived. And the major contributor was air freight and the cargo,” Kharola said.

According to him, this shows the huge potential of air cargo, not only domestically but also internationally.

Eqwires Research Analyst

Best SEBI registered Intraday tips provider and Best SEBI registered stock advisory company

Telegram | Facebook | Twitter

Call: +91 9624421555 / +91 9624461555

Elon Musk plays catch up with Jeff Bezos on rich list; Tesla stocks surge 20% to recoup some losses

Elon Musk seems to be catching up to Amazon Boss Jeff Bezos on the Billionaire’s index, after having given up the top spot earlier last month. Tesla chief’s wealth soared $25.1 billion yesterday as share price of the Electronic Vehicle manufacturer zoomed 20% on Tuesday as investors turned their focus back on stock while yields seemed to be relaxing. Elon Musk was the richest person in the world according to the Bloomberg Billionaires Index, for six weeks before Jeff Bezos reclaimed the position while Tesla’s stock price plummeted.

Shares of Elon Musk’s company gained 20% on Tuesday as NASDAQ jumped 4% during the day. Tesla was quoting a price of $673 apiece on closing yesterday, up from its previous closing levels of $563 per share. With this upward swing in the stock price, Tesla has managed to recoup some of the losses it suffered during the previous week. However, year to date the stock still trades 7% lower.

The steep fall witnessed by the stock is what could be luring investors back to Elon Musk’s company. According to CNBC, Ark Investment Management founder and CEO Cathie Wood has used the correction to purchase more shares of Tesla along with other companies. Tesla shares dropped 36% between the last week of January and the first week of March.

Analysts have also upgraded the stock rating and targets. Pierre Ferragu, analysts at New Street Research has said that two years of earnings momentum lies ahead of the company while upgrading the stock to ‘Buy’ and upgrading the target to $900 per share. Tesla has also pushed back the delivery dates for its vehicles which hints at heightened demand for the Electronic Vehicles manufactured by the company, enforcing more confidence in the company.

Cryptocurrency Bitcoin has also recuperated some of its losses as it moved past the $54,000 mark, again helping Tesla’s stock price. Elon Musk’s company had recently bought $1.5 billion worth Bitcoin.

Jeff Bezos still holds on to the top spot in the rich list with his net worth of $180 billion after having suffered $10.3 billion in year-to-date losses. Elon Musk, on the other hand, is valued at $174 billion. Musk has seen his wealth grow by $4.35 billion so far in 2021.

Eqwires Research Analyst

Best SEBI registered Intraday tips provider and Best SEBI registered stock advisory company

Telegram | Facebook | Twitter

Call: +91 9624421555 / +91 9624461555

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.

Eqwires Research Analyst

Best SEBI registered Intraday tips provider and Best SEBI registered stock advisory company

Telegram | Facebook | Twitter

Call: +91 9624421555 / +91 9624461555

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.

Eqwires Research Analyst

Best SEBI registered Intraday tips provider and Best SEBI registered stock advisory company

Telegram | Facebook | Twitter

Call: +91 9624421555 / +91 9624461555