Brent crude prices were flat in November averaging around $111.30 per barrel. The rupee depreciated against the dollar further by 1.50 over high trade deficit concerns. Indian complex gross refining margins (GRMs) and Singapore GRMs dipped significantly by $3.10 per barrel and $4.80 per barrel, respectively, due to a reduction in gasoline spreads. Our top stock picks for the month are Oil and Natural Gas Corp. Ltd, Reliance Industries Ltd and Petronet LNG Ltd.
Also See | Refining margins under pressure (PDF)
PDF by Ahmed Raza Khan/Mint