Indian paint makers decline as oil prices rise on Mideast conflict

JSW Dulux

03/10/2024 08:24

** Shares of Asian Paints  ASPN.NS  and Berger Paints India
 BRGR.NS  drop 4% each 
    ** Smaller firms Kansai Nerolac  KANE.NS  and Akzo Nobel
India  AKZO.NS  decline 2% and 2.6%, respectively
    ** Oil prices rise on prospect of a widening Middle East
conflict that could disrupt oil flow from the region  O/R 
    ** Crude prices make up for roughly one-third of paint
makers' costs; higher crude prices will spike total costs
    ** As of Sept-end, ASPN had gained for seven consecutive
months, BRGR for four 
    ** ASPN, KANE rated "hold", while BRGR rated "sell" on an
average - LSEG data

 (Reporting by Hritam Mukherjee in Bengaluru)
 ((Hritam.Mukherjee@thomsonreuters.com;))