India's paint makers jump on drop in crude prices

Berger Paints India

04/09/2024 07:40

** Shares of paint makers - Asian Paints  ASPN.NS , Indigo
Paints  INDG.NS  and Kansai Nerolac  KANE.NS , Shalimar Paints
 SHLP.NS , Berger Paints India  BRGR.NS  rise 2.5%-5%
    ** ASPN up 2.3% is the top percentage gainer on Nifty 50
index  .NSEI  which is down about 0.6%
    ** Drop after oil prices fell on the day, extending a plunge
of over 4% in the previous session, on expectations that a
political dispute halting Libyan exports could be resolved and
concerns over lower global demand growth
    ** Brent crude futures  LCOc1  trading near $73.5 per barrel
 O/R 
    ** Drop in crude prices a positive for paint makers as it
will bring down their total costs, as crude is a key raw
material to make paints, solvents and resins, say two analysts
    

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