Shares of three paint makers rose 0.53% to 1.01% at 14:47 IST on BSE on hopes of enhanced gross margins amid recent steep decline in crude oil prices.
Berger Paints India (up 1.01% at Rs 355.20), Kansai Nerolac Paints (up 0.81% at Rs 1,929.95), and Asian Paints (up 0.53% at Rs 657.25) edged higher.
Meanwhile, the S&P BSE Sensex was down 31.48 points or 0.12% at 27,025.93.
Kansai Nerolac Paints had outperformed the market over the past one month till 10 September 2014, advancing 24.86% compared with Sensex's 6.82% rise. The scrip had also outperformed the market in past one quarter, jumping 36.79% as against Sensex's 5.76% rise.
Berger Paints (India) had outperformed the market over the past one month till 10 September 2014, advancing 14.53% compared with Sensex's 6.82% rise. The scrip had also outperformed the market in past one quarter, jumping 30.22% as against Sensex's 5.76% rise.
Asian Paints had underperformed the market over the past one month till 10 September 2014, advancing 5.71% compared with Sensex's 6.82% rise. The scrip had, however, outperformed the market in past one quarter, jumping 22.06% as against Sensex's 5.76% rise.
Crude is one of the key raw materials in the manufacturing of paints. The recent steep decline in crude oil prices could boost gross margins of paint manufacturing firms.
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