Paint stocks advance on falling crude prices

Shares of six paint companies rose 0.90% to 4.93% due to lower crude oil prices.

Asian Paints (up 4.93%), Berger Paints India (up 2.88%), Kansai Nerolac Paints (up 3.05%), Akzo Nobel India (up 1.77%) and Shalimar Paints (up 0.90%) advanced.

In the commodities market, Brent crude for April 2020 settlement was down 42 cents at $56.20 a barrel. The contract fell 71 cents, or 1.24% to settle at $56.62 a barrel in the previous trading session.

Lower crude oil decreases input costs for paint companies, which use crude derivatives.

The Nifty 50 index rose 45.20 points or 0.39% to 11,707.05.

 

Powered by Capital Market - Live News