{"id":73487,"date":"2018-04-19T09:18:18","date_gmt":"2018-04-19T09:18:18","guid":{"rendered":"http:\/\/www.bnreport.com\/rise-in-oil-could-further-damage-investor-sentiments-said-clsa\/"},"modified":"2018-04-19T09:18:18","modified_gmt":"2018-04-19T09:18:18","slug":"rise-in-oil-could-further-damage-investor-sentiments-said-clsa","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/rise-in-oil-could-further-damage-investor-sentiments-said-clsa\/","title":{"rendered":"Rise in oil could further damage investor sentiments, said CLSA"},"content":{"rendered":"

Hong Kong-headquartered brokerage CLSA said that a further rise in oil prices<\/a> could damage investor sentiments and raise twin deficit fears. <\/p>\n

"Oil is now firmly above US$70 and theres talk of it moving to US$80. This could further damage investor sentiments, as the economy doesnt have a lot of cushion, especially in a pre-election year," said CLSA in a note. <\/p>\n

If oil goes to $80 per barrel and with it being a pre-election year, the government may decide to maintain petrol and diesel prices at the current level and there could be a Rs 4 per litre cut in fuel excise duties, implying a tax revenue impact of Rs 500 billion. <\/p>\n

The government's petroleum subsidy<\/a> for FY19 could be higher by Rs 300 billion than budgeted if oil were to average $80 per barrel, it said. <\/p>\n

CLSA said the twin deficit issues could re-emerge with current account<\/a> deficit moving up to 3 per cent of the Gross Domestic Product<\/a> and fiscal risks to the tune of 40-50 basis points of GDP<\/a>. Weak US dollar and strong RBI reserves would limit the currency impact, but the era of rock-like stable rupee may be behind, the firm said. <\/p>\n

In terms of sector impact, oil marketing companies could be at risk if the government passes on some subsidy burden to them. <\/p>\n

Higher bond yields for a prolonged period could potentially lead to NIM<\/a> compression for NBFCs, the firm said. Rising oil is also a negative for users of oil-based chemicals industry including consumer staples and paints, it added. CLSA said that a potential weaking of the rupee will be positive for exporters. <\/p>\n

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Hong Kong-headquartered brokerage CLSA said that a further r..<\/p>\n","protected":false},"author":1,"featured_media":73488,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[202],"tags":[],"class_list":["post-73487","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"\nRise in oil could further damage investor sentiments, said CLSA - Business News Report<\/title>\n<meta name=\"description\" content=\"Hong Kong-headquartered brokerage CLSA said that a further r..\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bnreport.com\/en\/rise-in-oil-could-further-damage-investor-sentiments-said-clsa\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Rise in oil could further damage investor sentiments, said CLSA - 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