India's oil marketing cos, paintmakers and tyremakers fall on higher oil prices
BUZZ-India's oil marketing cos, paintmakers and tyremakers fall on higher oil prices ** Shares of Indian oil marketing firms Indian Oil Corp IOC.NS, BPCL BPCL.NS and HPCL HPCL.NS down between 1% and 1.8%
** Shares of Indian paint makers Asian Paints ASPN.NS, Berger Paints India BRGR.NS and JSW Dulux JSWD.NS down between 0.5% and 2.6%
** Shares of Indian tyremakers MRF and JK Tyre & Industries JKIN.NS down about 0.5% MRF.NS
** Brent crude LCOc1 up 1.9% at $91.02 per barrel as of 11:39 a.m. IST, as the resumption of fighting between the U.S. and Iran in the Middle East renewed fears of supply disruptions from the world's key crude-producing region. MKTS/GLOB
** 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
** Kansai Nerolac among paint makers and CEAT among tyremakers are defying the trend, trading higher
(Reporting by Mridula Kumar in Bengaluru)
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