Good morning!🔔
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.
Disclaimer:
Derivatives trading must be done only by traders who fully understand the risks associated with them and strictly apply risk mechanisms like stop-losses. The information is only for consumption by the client and such material should not be redistributed. We do not recommend any particular stock, securities and strategies for trading. The securities quoted are exemplary and are not recommendatory. The stock names mentioned in this article are purely for showing how to do analysis. Take your own decision before investing.
Download the Upstox App Today