This Paint Stock Jumps 6% After Oil Prices Drop—What’s Next?

After the fall in crude oil prices, paint stocks have seen a rise on Wednesday. On Wednesday shares of paint companies like Asian Paints Ltd and Indigo Paints Ltd registered a jump of up to 6% on BSE. 

The share of Indigo Paints rose 6.59% to an intraday high of Rs 1,544.95, while shares of Shalimar Paints Ltd rose 2.46% to an all-time high of Rs 136.92.

These Companies Increased By Up To 3 Percent

Apart from this, shares of Berger Paints India Ltd jumped 3.68 percent to an intraday high of ₹598. This stock has given a return of 9 percent to its investors in the last one-month period. 

At the same time, shares of Kansai Nerolac Paints Ltd have registered a rise of 1.84%, after which they are trading at the level of Rs 304.20. Apart from this, the share of Asian Paints has increased by 2.50%, after which it is trading at Rs 3,233.80.

Crude Oil Prices Continue To Fall

Let us tell you that the decline in crude oil prices continued on Wednesday as well, in which American crude oil fell by more than 0.5%. Earlier on Tuesday, it had registered a huge decline of 4 percent. 

Apart from this, Brent crude also registered a huge decline of 4.9% on Tuesday, and on Wednesday it weakened by 0.6%. 

It is known that the concern about the decline in demand in China, the world’s largest importer of Brent crude oil, which is driven by the growing trend of electric vehicles, is also putting pressure on prices.

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