Indian paint, tyre manufactures falter as crude oil prices surge

Shalimar Paints

16/09/2019 08:09

** Shares of paint manufacturers Asian Paints Ltd  ASPN.NS ,
Kansai Nerolac Paints Ltd  KANE.NS , Berger Paints India Ltd
 BRGR.NS  and Shalimar Paints Ltd  SHLP.NS  fall in a range of
2.98% to 5.87% as crude oil prices spike after an attack on
Saudi Arabian facilities
    ** Brent crude posts its biggest intraday percentage gain
since the start of the Gulf War in 1991 after the attack knocks
out about 5% of global oil supply  O/R 
    ** Tyre companies use crude intermediates and paint
companies use crude derivatives, and rising oil prices increase
their input costs
    ** Shares of tyre manufacturers JK Tyre & Industries Ltd
 JKIN.NS , CEAT Ltd  CEAT.NS , Apollo Tyre Ltd  APLO.NS  and MRF
Ltd  MRF.NS  slip in a range of 1.36% to 2.54%
    ** Shares of Berger Paints India Ltd  BRGR.NS  sees their
worst session since July 8
    ** Asian Paint shares were among the top three losers on the
NSE index  .NSEI , which was 0.6% lower as of 0657 GMT
    ** JK Tyre & Industries shares see worst session since Aug
29

 ((Chandini.M@thomsonreuters.com; 910867497919;))