# Government cut royalty charged on production of crude oil & gas which could add fair value of 7%-9% for ONGC & 9%-11% for Oil India.

*business · news · 2026-05-12 · CNBC TV18*

## Key points

- The government cut royalty on crude oil and gas production, raising ONGC's fair value by 7%-9%.
- ONCG's risk of renewed windfall taxation is reduced, removing an overhang on upstream sector stocks.
- UPL reduced gross debt by $850 million in FY26, repaying $500 million in March.
- Oberoi Realty plans 9-10 greenfield launches, its most aggressive project pipeline to date.
- Indian Hotels faced a Rs400–450mn impact from West Asia disruptions in March yet grew RevPAR 10% YoY.

**Companies:** ONGC, Oil India, UPL, Oberoi Realty, Indian Hotels
**Countries:** India

[Read the full story on CNBC TV18](https://www.cnbctv18.com/market/q4-results-live-updates-dr-reddys-indian-hotels-dixon-upl-canara-nazara-tata-torrent-power-berger-mtar-share-price-liveblog-19903533.htm)

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