Indian paint makers rise as oil drops on US-Iran agreement to end war

Kansai Nerolac Paints

Mon 07:57

** Shares of Indian paint makers up between 0.6% and 2.1%, as prices of crude oil, a key raw material, fall
** Indigo Paints INDG.NS leads pack; up 2.2% at 1,017 rupees; followed by Berger Paints India BRGR.NS up 2% at 525.6 rupees
** Grasim GRAS.NS up 1.3% at 3,145 rupees, while Asian Paints ASPN.NS up 0.2% at 2,753 rupees and Kansai Nerolac Paints KANE.NS up 0.3% at 217 rupees
** Oil prices fall after U.S. and Iran agree on a framework to end the war, halt the U.S. blockade of Iran and reopen the Strait of Hormuz
** Brent crude futures LCOc1 last down 4.3% to $83.61
** YTD, INDG down 11.4%, BRGR down 2.1%, GRAS up 11.2%, ASPN down 0.7%, and KANE down 8.6% 
     
     

(Reporting by Mridula Kumar in Bengaluru)
((Mridula.Kumar@thomsonreuters.com;))