India's oil marketing cos, paintmakers and tyremakers jump after oil prices plunge

Hindustan Petroleum

Today 03:58

** Shares of Indian oil marketing firms Indian Oil Corp IOC.NS, BPCL BPCL.NS and HPCL HPCL.NS up between 3.1% and 6.3%
** Shares of Indian paint makers Asian Paints ASPN.NS, Berger Paints India BRGR.NS, Kansai Nerolac Paints KANE.NS, Indigo Paints INDG.NS and JSW Dulux JSWD.NS up between 2.5% and 5.9%
** Shares of Indian tyremakers MRF MRF.NS, JK Tyre & Industries JKIN.NS and Apollo Tyres APLO.NS up between 2.1% and 4.7%
** Oil prices fell more than 8% after President Donald Trump's Republican Party lost control of Congress in midterm elections, as investors bet that the shift in power could hasten the end of the US-Israeli war with Iran O/R 
** Brent crude LCOc1 down 1% at $93.67 per barrel as of 9:21 a.m. IST (0351 GMT)
** Higher oil prices tend to reduce operating margins for oil marketing companies
** Key raw materials for paints and tyres, such as synthetic rubber, carbon black and other derivatives are all linked to crude oil
     

 (Reporting by Kashish Tandon in Bengaluru)
 ((Kashish.tandon@thomsonreuters.com))