India's paint companies rise on slide in crude oil prices

Berger Paints India

03/05/2023 06:07

** Shares of paint companies, including Asian Paints Ltd
 ASPN.NS , Berger Paints Ltd  BRGR.NS  and Kansai Nerolac Paints
Ltd  KANE.NS , rise between 2% and 3%
    ** ASPN top gainer on the Nifty 50 index, which is down
0.31%, as of 10:31 a.m. IST
    ** Uptick comes after sharp slide in crude oil prices on
Tuesday, on caution ahead of the Federal Reserve's rate
decision, U.S. debt default negotiations and weak economic data
from China
    ** Crude prices have a significant impact on financials of
paint companies with crude by-products accounting for nearly 30%
of total raw material costs
    ** Slide in crude prices is a positive for oil-importing
nations like India, where the commodity accounts for a
significant share in the import bill  O/R 

 (Reporting by Bharath Rajeswaran in Bengaluru)
 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463))