Global Crude Oil Prices: NRL is involved in oil refining, so crude oil prices significantly impact raw material costs and profitability. Higher crude prices can squeeze margins if NRL can't pass the increased costs to consumers. Lower crude prices can improve margins. Refining Margins: The difference between the price of crude oil and the price of refined products (like gasoline, diesel) is a key determinant of NRL's profitability. Wider margins benefit NRL, narrower margins hurt it. Government Regulations & Policies: Government policies regarding fuel pricing, subsidies, and environmental regulations influence NRL's operations and earnings. Changes in these policies can drastically shift the investment landscape. Demand for Petroleum Products: Economic growth and seasonal factors influence the demand for gasoline, diesel, and other petroleum products. Higher demand usually translates to higher sales and improved financial performance for NRL. Inventory Levels: NRL's inventory of crude oil and refined products impacts its short-term financial results. High inventory when prices are falling can lead to losses, while low inventory during price spikes can limit potential gains. Exchange Rate Fluctuations: Since NRL imports crude oil, exchange rate volatility, particularly between the Indian Rupee and the US Dollar, affects the cost of imports and can impact profitability. Company-Specific Factors: Production output, operational efficiency, planned and unplanned outages at refineries, new projects, and expansion plans all contribute to stock valuations. Investor Sentiment: Market sentiment towards the oil and gas industry, as well as overall market conditions, also plays a role. Positive sentiment can drive the stock price up, while negative sentiment can lead to a decline.