Paint stocks are trading higher today, boosted by a 2.5% drop in crude oil prices overnight. The fall in crude oil prices comes on the back of OPEC’s decision to cut world demand estimates, with a revision of +1.93 million barrels per day (mbpd) for 2024 and +1.65 mbpd for 2025. This reduction in demand has eased input cost concerns for the paint industry, leading to gains in key stocks.
At 9:22 AM, here’s how paint stocks are performing:
- Akzo Nobel India: ₹4,168, up by 2.41%
- Berger Paints: ₹581.45, up by 2.29%
- Asian Paints: ₹3,081, up by 1.38%
- Kansai Nerolac: ₹291.75, up by 1.37%
- Shalimar Paints: ₹131.21, up by 0.99%
- Sirca Paints: ₹333.60, up by 0.57%
- Indigo Paints: ₹1,485.10, up by 0.56%
With crude oil being a significant component in the production of paints, the decline in prices has provided a positive outlook for paint manufacturers, reflected in the upward movement of their stocks.
Disclaimer: This information is for informational purposes only and should not be considered investment advice. Always seek independent financial advice before making any investment decisions.
