Indian paint companies slump as crude prices rise

Berger Paints India

28/09/2023 09:56

** Shares of Indian paintmakers Kansai Nerolac  KANE.NS ,
Asian Paints  ASPN.NS , Indigo Paints  INDG.NS , Berger Paints
 BRGR.NS  and Akzo Nobel  AKZO.NS  fall between 1% to 4.1% on
Thursday
    ** Oil prices surged 3% on Wednesday to a 2023-high after a
steep drop in U.S. crude stocks compounded supply worries
    ** Higher oil prices hurt paint producing companies as oil
is a major raw material 
    ** Shares of ASPN fell as much as 4.2%, while BRGR
dropped 3.6%


 (Reporting by Ashna Teresa Britto in Bengaluru)
 ((AshnaTeresa.Britto@thomsonreuters.com ; ( +91 8078332441))