Paint makers climb as crude prices ease

Shares of six paint manufacturing companies rose by 0.14% to 1.92% amid easing crude oil prices.

Akzo Nobel India (up 1.92%), Asahi Songwon Colors (up 1.48%), Asian Paints (up 1.02%), Berger Paints India (up 0.54%) and Indigo Paints (up 0.14%) advanced.

Meanwhile, the Nifty 50 index was up 196.16 points, or 0.34% at 57,341.38.

In the commodities market, Brent crude for November 2022 settlement was up $1.60, or 1.90% to $85.66 a barrel. The contract has slumped over 17% since end August 2022 on concerns that rising interest rates will dent economic activity and slow crude demand.

Lower crude oil decreases input costs for paint companies, which use crude derivatives as their raw material.

 

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