Thu, Sep 12, 2024 11:16 AM
IOCL, BPCL, HPCL could see record profits on falling crude prices
A Flip by Shubhangi Gupta
📌According to weekly options data, the 26,000 strike holds the maximum OI (with 1.07 crore contracts). 📌The India VIX increased by 1.04% to 12.59, up from 12.46 levels. 📌47 stocks saw a decline in OI along with a fall in price, indicating long unwinding. 📌Resistance based on pivot points: 25,438 | 25,460 | 25,494 and Support based on pivot points: 25,370 | 25,349 | 25,315 are key for Nifty.
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Gayatri Rubbers and Chemicals informed that the company has received work orders/letter of award of Rs 25,94,685.95 (inclusive of taxes) from Indian Railways. The company has a market cap of Rs 240 crore with a PE of 154x, an ROE of 15% and an ROCE of 23%. The stock gave multibagger returns of 323% from its 52-week low of Rs 98.85 per share.
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Brent crude futures have lost nearly 25 per cent year-to-date (YTD) over softer demand and alow-risk premium so far in 2024. At its lowest in the last nine months, the crude oil benchmark declined to a 33-month low of $70 per barrel due to continued weakness in Chinese economic growth and uncertainty on US economic growth. China is the world’s top consumer/importer of crude oil.
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