The share price of companies that procure crude oil as raw material are seeing smart gains today. Stocks like Asian Paints, HPCL, BPCL are up as much as 4% intra-day as crude prices slip to 6-month lows, sitting on the top spots of the indices.
Oil marketing companies, paints, tyres makers, aviation companies, and many other related industries are rejoicing as Crude hovers around $70/bbl levels.
The stocks of oil refining companies surged in Thursday’s trade. The Nifty Oil & Gas rose more than 2% to the 10,001.10 level. All the constituents of the index were trading in the green.
Not just oil & gas stocks, but paint stocks like Berger Paints, Indigo Paints, Kansai Nerolac, newly entered Grasim, and many others were trading higher. Asian Paints share price rose almost 4% to the day’s high of Rs 2,248.05 to be the top gainer in the Nifty 50. The effect of low crude oil prices is so much that Asian Paints on March 05 touched its 52-week low of Rs 2,124.75.
Apart from these, tyres use a lot of byproducts of crude oil, which makes a major chunk of their raw material cost.
The share price of Apollo Tyres, Balkrishna Industries, CEAT, MRF, JK Tyre & Industries jumped as much as 4%.
Aviation stocks are also up on the impact of lower crude on ATF prices. Stocks like SpiceJet, InterGlobe Aviation rose around 5%.
The crude oil prices are trading at a 3-year low level. The prices of Brent crude oil have slipped below the $70 a barrel mark while the WTI crude trades around $66 a barrel. US President’s call for tariffs on Canada and Mexico coupled with push for more oil production by Organization of the Petroleum Exporting Countries (OPEC) blew as a headwind for the commodity.
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