Aviation, OMC, paint stocks gain 2-5% as crude slips to 2-month low

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Shares of aviation, oil marketing companies (OMCs) and paint companies soared up to 5 percent on October 24 as global crude oil prices slipped.

In the global market, crude oil approached two-month lows after Saudi Arabia indicated a possible supply increase.

Brent crude futures traded at $76.53 per barrel after dropping more than 4 percent on October 23 to $75.88, their lowest since September 7.

Crude slid after Saudi Arabia said it could increase supply quickly if needed, easing concerns ahead of US sanctions on Iran.

A fall in crude price is helpful for the airline and paint companies as it constitutes a major part of their expenses and raw material.

Oil prices gained nearly a 6 percent in July-September quarter and more than 25 percent year-to-date on looming US sanctions against Iran's oil exports. The sanctions will be effective from November 4.

At 0930 hours, Bharat Petroleum Corporation was quoting at Rs 276.50, up 2.77 percent, Hindustan Petroleum Corporation was quoting at Rs 226.85, up 4.49 percent and Indian Oil Corporation was quoting at Rs 134.60, up 3.54 percent.

Kansai Nerolac Paints was quoting at Rs 368.40, up 1.99 percent, Asian Paints was quoting at Rs 1,156.20, up 1.53 percent, Berger Paints India was quoting at Rs 273.80, up 2.84 percent and Shalimar Paints was quoting at Rs 88.70, up 2.72 percent.

Jet Airways was quoting at Rs 217.10, up 2.09 percent, SpiceJet was quoting at Rs 72.65, up 3.42 percent and Interglobe Aviation was quoting at Rs 816.45, up 0.72 percent on the BSE.

With inputs from agencies