India’s oil diplomacy appears to be entering a new phase. After nearly three years of dependence on discounted Russian crude, India’s biggest refiners, including Reliance, BPCL, HPCL, and Mangalore Refinery have not placed a single order for December delivery. The shift comes amid growing US pressure and Washington’s recent sanctions on Russia’s top oil producers, Rosneft and Lukoil. As India reduces Russian imports, a thaw in trade ties with the US is visible, with tariff rollbacks and a potential deal on the horizon. Simultaneously, New Delhi is turning to the Americas, Middle East, and Europe to secure new energy partnerships. Business Today TV decodes
Shares of oil marketing companies (OMCs) have been on a downtrend lately since the US president Donald Trump has warned and imposed sanctions on Russian oil.
The Mangaluru-based oil refiner posted a profit after tax (PAT) of Rs 638.67 crore in the second quarter of FY26, compared to a loss of Rs 682.32 crore in the same period last year.
Domestic brokerage firm SMIFS has suggested three stocks- Reliance Industries, Engineers India and Mangalore Refinery and Petrochemicals- to bet amid the scarce opportunities.
Ashika Global said that NTPC has found support at the 38.2 per cent retracement level of its entire rally from March 2020, indicating a potential bottoming out around the Rs 300 mark.
PSU stocks such as Chennai Petroleum Corporation Ltd (CPCL), Mangalore Refinery and Petrochemicals Ltd (MRPL), Cochin Shipyard Ltd, MMTC Ltd, ITI Ltd and Oil India Ltd have led the losers, falling 47-59 per cent.
The brokerage assigned 'Add' calls for Paytm and Supreme Industries and maintained a 'Neutral' stance on Mangalore Refinery & Petrochemicals Ltd (MRPL).
Mangalore Refinery And Petrochemicals Ltd, Gujarat Mineral Development Corporation Ltd, UCO Bank, Indian Overseas Bank, MMTC Ltd and KIOCL Ltd have also come out with their shareholding patterns.
Reliance, HDFC Bank, Kotak Mahindra Bank, Adani Enterprises and ICICI Bank were most active on NSE today.
MRPL share price: The stock soared 20 per cent to hit a one-year high (upper price band) of Rs 160.95. The multibagger scrip has gained 173.26 per cent in a year.
The domestic equity market was trading higher on Thursday. Sensex rose 105 points to 71,763 and Nifty gained 44 pts to 21,662. Here's a look at stocks buzzing in action today.
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