Paint Stocks Surge as Oil Prices Hit 3-Year Low
At 9:17 AM today, major paint stocks showed significant gains, driven by a sharp drop in global crude oil prices, which have fallen 26% from their recent peak. The decline in oil prices to a 3-year low is expected to reduce raw material costs for the paint industry, boosting investor sentiment.
Here’s how the key paint stocks are performing:
- Shalimar Paints (NSE: SHALPAINTS): ₹140.00, up 2.72% (+₹3.71)
- Sirca Paints (NSE: SIRCA): ₹340.10, up 1.10% (+₹3.70)
- Indigo Paints (NSE: INDIGOPNTS): ₹1,519.35, up 1.08% (+₹16.30)
- Berger Paints (NSE: BERGEPAINT): ₹611.30, up 1.59% (+₹9.55)
- Asian Paints (NSE: ASIANPAINT): ₹3,362.50, up 2.05% (+₹67.45)
The drop in crude oil prices, a key component in paint production, is seen as a tailwind for the sector, leading to lower input costs and improved margins. Investors are reacting positively to the news, resulting in a rally across major paint stocks in early trading.
