Oil Stocks Outlook for the week – 03 to 07.04.2017
Oil Stocks Outlook for the week – 03 to 07.04.2017
( www.rupeedesk.in )
Stocks of oil exploration companies are likely to be subdued next week as an appreciation of the rupee for the sixth straight week is seen weighing on their realisations. This week, the Indian currency hit its highest level since October 2015 at 64.8025 per dollar, from 67-odd levels in mid-February. The recurring impact on Cairn India's earnings will be relatively lower at 3-3.5% due to higher contribution of other income in its net profits. State-owned oil retailers are also likely to be hit by the appreciation in the rupee Earnings of downstream companies (BPCL, HPCL and IOCL) will be impacted by 1-3% assuming a 2 rupee/dollar appreciation in the Indian rupee, led by the lower profitability of refining segment. Reliance Industries, a likely announcement by subsidiary Reliance Jio Infocomm on the number of subscribers under its Prime membership plan will be key for the stock next week.
Source : Cogencis Information Services Ltd
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Oil Stocks Outlook for the week – 03 to 07.04.2017
( www.rupeedesk.in )
Stocks of oil exploration companies are likely to be subdued next week as an appreciation of the rupee for the sixth straight week is seen weighing on their realisations. This week, the Indian currency hit its highest level since October 2015 at 64.8025 per dollar, from 67-odd levels in mid-February. The recurring impact on Cairn India's earnings will be relatively lower at 3-3.5% due to higher contribution of other income in its net profits. State-owned oil retailers are also likely to be hit by the appreciation in the rupee Earnings of downstream companies (BPCL, HPCL and IOCL) will be impacted by 1-3% assuming a 2 rupee/dollar appreciation in the Indian rupee, led by the lower profitability of refining segment. Reliance Industries, a likely announcement by subsidiary Reliance Jio Infocomm on the number of subscribers under its Prime membership plan will be key for the stock next week.
Source : Cogencis Information Services Ltd