ONGC gains on windfall tax cut

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Check out the companies from the F&O corner that are making headlines today.

⭐ONGC gains on windfall tax cut
₹155 ▲8 (+5.6%)

Shares of Oil & Natural Gas Corporation (ONGC) surged over 5%, while the OI of its February futures contract fell 4.4%, indicating a short-covering. Meanwhile, the call option OI on the 157.5 to 165 contracts surged 57% and 387%, respectively. This comes after the government slashed the windfall tax on domestically produced crude oil from ₹5,050 per tonne to ₹4,350 per tonne.

⭐HAL shines on order win
₹2,6653 ▲180  (+7.2%)

State-run aerospace behemoth Hindustan Aeronautics (HAL) jumped over 7% on Thursday, while the OI of its February futures contract fell 2%, indicating a short-covering. This comes after the company signed a deal with the Argentinian Air Force to supply spares and engine repair services for its two-tonne class helicopters.

⭐BEL signs MoU with Israel Aerospace
₹97 ▲2  (+3.0%)

Shares of Bharat Electronics gained 3% on Thursday, while the OI of the February futures contract rose 13%, indicating a long build-up. Meanwhile, the call option OI on the 98 and 99 contracts rose by 44% and 7%, respectively. This comes after the company signed an MoU with Israel Aerospace Industries for domestic manufacture and supply of its Long Range Artillery Weapon System (LORA) for the Indian Tri-services.

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