Indian paint companies fall as Middle East war pushes oil prices higher

JSW Dulux

02/03/2026 05:07

** Shares of Indian paint companies fall between 1% and 3% as crude oil, a key raw material, prices surge

** Asian Paints ASPN.NS down 3%, Kansai Nerolac Paints KANE.NS down 2.4%, Akzo Nobel India AKZO.NS down 1%

** Middle East conflict pushes crude prices higher, with Brent crude futures climbing to about $82.40 a barrel, their highest in 14 months  O/R

** Antique Stockbroking forecasts Brent crude to average $80-85/barrel this quarter if conflict persists

** Brokerage says 10% increase in crude could result in 200 to 250 bps gross margin contraction for ASPN & KANE as crude derivatives account for 40-45% of raw material

(Reporting by Mridula Kumar in Bengaluru)

((Mridula.Kumar@thomsonreuters.com;))