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Shares of <a target="_blank" href="https://mintgenie.livemint.com/stocks/reliance-industries-S0003018">Reliance Industries (RIL)</a> and <a target="_blank" href="https://mintgenie.livemint.com/stocks/oil-%2526-natural-gas-corporation-S0003030">Oil and Natural Gas Corporation (ONGC)</a> vaulted up to 7% in early deals on BSE on July 20 boosted by the cut on windfall tax on petroleum.

As <a target="_blank" href="https://mintgenie.livemint.com/news/markets/government-cuts-windfall-tax-on-diesel-aviation-fuel-shipments-151658283500419">Bloomberg </a>reported, less than three weeks after they were imposed, the government reduced the windfall tax on diesel and aviation fuel shipments by 2 rupees (3 cents) a liter, and scrapped completely a 6-rupees-per-liter levy on gasoline exports, according to a government notification. It also cut the tax on domestically produced crude by about 27% to 17,000 rupees a ton.

"The relief announced by the government for the petroleum sector through the reduction in windfall tax and cuts in duties on exports will be a major boost for the sector, particularly for RIL," said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

"However, investors have to exercise some caution because selling may reemerge at higher levels," he added.Shares of ONGC opened at ₹134.70 against the previous close of ₹127.45 and jumped 7% to ₹136.40 soon while those of RIL opened at ₹2,535 against the previous close of ₹2,441.20 and jumped 4.25% to ₹2,545.05 withing the first 5 minutes of trade.Around 09:25 am, the shares of ONGC were up 6.20% at ₹135.35 while those of RIL were up 2.44% at ₹2500.65.Market benchmark the Sensex was 1.03% up at 55,332.50 with only one stock- Nestle (down 0.51%) - in the red.Shares of Tech Mahindra, RIL, Infosys, HCL Tech and TCS were among the top gainers in the Sensex index. Among the sectoral indices, IT and energy rose up to 2%.Disclaimer: The views and recommendations made above are those of individual analysts or broking firms and not of MintGenie.

ONGC, RIL shares jump up to 7% in early trade after govt cuts windfall tax on petroleum

<ul><li>Analysts believe cut in windfall tax on exports will be a major boost for the sector.</li></ul>

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