Brent crude prices increased in January averaging USD111.4/bbl. : :: Edelweiss

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Brent crude prices increased in January averaging USD111.4/bbl. The INR appreciated 2.4% over FII inflows. Indian complex GRMs and Singapore GRMs improved significantly by USD3.9/bbl and USD4.3/bbl, respectively, due to improvement in gasoline and fuel oil spreads. Light and heavy product cracks improved MoM. In marketing, LPG under-recoveries spiked ~20% MoM to INR318/cyl due to increase in prices of propane and butane. Top Picks – BPCL, PLNG and RIL.

Some major company events during the month

ü       RIL announced buyback of its equity shares worth INR100.44bn at a maximum price of INR870/share, implying minimum buyback of 120mn shares.

ü       Essar Oil got a demand notice of INR63bn plus interest thereon from Gujarat government after the Supreme Court rejected its plea in the sales deferral tax case.

ü       Cairn India got the nod to start production from Bhagyam field.

ü       MoPNG entrusted PNGRB the issue of determining marketing margins chargeable by any marketing entity on sale of natural gas to final consumers.