Brent was unchanged in September, averaging USD114/bbl, as easing liquidity and geopolitical tensions offset high supplies. INR appreciated 2% versus USD led by a slew of reforms starting with fuel price hike. Indian complex GRMs and Singapore GRMs fell USD0.9/bbl and USD2.4/bbl, respectively, after US and Venezuela refineries resumed post temporary shutdowns. Fuel under-recoveries rose MoM due to inventory priced at higher product cracks. On exit rates, under-recoveries in petrol, diesel, LPG and kerosene are INR0.9/lt, INR9.8/lt, INR315/cyl and INR34.4/lt, respectively. Top Picks: Large cap—RIL, BPCL; Mid cap—IGL and PLNG.
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Some major company events during the month
· OMCs hiked diesel prices by INR5/lt and capped subsidised LPG cylinders at six/year. It also decreased excise duty on petrol by INR5.3/lt.
· OVL bought 2.72% stake in Azeri, Chirag and Guneshli (ACG) group of oil fields in Azerbaijan as well as its 2.36% stake in an associated pipeline for USD1bn.
· Cairn (UK) sold 153mn (8% of company) shares in Cairn India at INR323.7/share.
· RIL signed 15-year crude supply contract with PdVSA (Venezuela) for importing 400 kbpd for its refinery.
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