- Indigo Paints shares rose 4.26% intraday to Rs 1,038 on June 15
- Shalimar Paints shares increased 3.84% to Rs 53.88 during the session
- Berger Paints traded 3.71% higher at Rs 538.15 on Monday
Paint stocks such as Indigo Paints, Asian Paints, Shalimar Paints, Berger Paints rose on Monday, June 15 as crude oil prices fell after US and Iran confirmed a peace agreement.
The surge was led by Indigo Paint, with its shares rising 4.26% intraday to Rs 1,038 apiece, followed by Shalimar Paints up 3.84% at Rs 53.88 per share and Berger traded 3.71% higher at Rs 538.15. Shalimar Paints shares jumped 1.87% to Rs 3,170.
The rally in paint stocks come after oil prices fell in the global market, with WTI crude futures for July delivery dropped 4.77% to $80.83 a barrel, while Brent crude futures for August delivery fell about 4% to $83.77 a barrel.
Oil prices remain a key indicator for paint manufacturers, which use crude-derived inputs for a sizeable share of their raw material requirements.
Crude prices fell after U.S. President Donald Trump said Washington had finalised a deal with Iran that would reopen the Strait of Hormuz, a key route for global crude shipments.
WTI crude futures for July delivery dipped 4.77% to $80.83 a barrel, while Brent crude futures for August delivery dropped nearly 4% to $83.77 a barrel.
The decline continued a broader retreat in oil prices as traders responded to signs that a prolonged disruption to energy flows through the Strait of Hormuz could ease.
"The Deal with the Islamic Republic of Iran is now complete," Trump said in a post on Truth Social. Hormuz would reopen without a toll system and the United States would end its naval blockade of Iran, he said.
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