Five stocks in the energy sector that are buzzing on the bourses today!

As the bulls are back after a hiatus, energy stocks are in action with S&P BSE Energy trading up by 1.3% at 8802.53, in tandem with the broad market indices which are also up by 1.3%.  

Reliance Industries, Coal India, CPCL, MRPL and IGL are the stocks to watch out for. Let us see why!   

Reliance Industries: Morgan Stanley has raised its target for Reliance Industries by 20% to Rs 3253 from Rs 2926 in its base case, while the bull case target is at Rs 3975. The overweight stance by Morgan Stanley is aligned with most other analysts. The green energy shift has worked in the favour of India’s biggest conglomerate. The favourable outlook has led RIL share price to log a fresh 52-week high in intraday trade at Rs 2786.05. This week the shares of RIL have gained 6.4% lending support to the market. At the time of writing, the shares are trading at Rs 2785.75, a gain of 2.48% or Rs 66.60 over its previous close.  

Coal India: Amid the spiralling power generation, Coal India raised its supplies to thermal power stations by 14.2% during the first half of April 2022 compared to the same period last April. CIL’s supplies have hit 1.64 MTs per day during this period against 1.43 MTs in a similar period in April 2021. The company had accelerated its production to 26.4 MTs during the first half of April 2022 registering 27% year-on-year growth. The company is heading for its highest April production ever. Output expansion in volume terms was 5.7 MT. At the time of writing, Coal India was trading at Rs 205.50, up 3.27% or Rs 6.5 per share.   

Chennai Petroleum Corporation Ltd(CPCL): The stock was the biggest gainer among BSE Energy Index constituents, logging a price gain of 27.5% in the last one week. The stock rallied 16.6% in yesterday’s session in anticipation of strong Q4 results as the company announced that its AGM will be held on April 27, to consider and approve the Audited Financial Statements (Standalone & Consolidated) of the company for the Quarter and Financial Year ended March 31, 2022, and any dividend to be considered at the aforesaid Board Meeting. At the time of writing, the stocks of CPCL were trading at Rs 223.10 down 2.9% or 6.75 per share as the stock is seeing profit booking after the strong rally.  

Mangalore Refinery & Petrochemicals (MRPL): The stock was the second-biggest gainer among BSE Energy Index constituents, logging a price gain of 26.4% in the last one week. The stock climbed 17.8% in yesterday’s session as the company informed that it has received the order of MCA approving the amalgamation of ONGC Mangalore Petrochemicals Limited with itself. The integration of the petrochemical project of the ONG Mangalore Petrochemicals with the oil refinery of the MRPL will create greater synergies between the business operations of both companies and will maximise returns to the entire group. At noon, the shares of MRPL were trading at Rs 67.20, down 1.32% or Rs 0.9 per share, giving in to some profit booking after the strong rally.  

Indraprastha Gas: Petroleum and Natural Gas Regulatory Board (PNGRB) has granted authorization to the company for the development of a CGD network in Banda, Chitrakoot and Mahoba districts. Today, at 12.15 pm the stock is trading at Rs 379.60 up 1.09% or Rs 4.10 per share.