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The shares of Asian Paints, Indigo Paints and other paint makers plunged up to 6% to multi-month lows on Monday as crude oil prices shot up amid strong escalations in the ongoing tensions in the Middle East after US and Israel attacked Iran, killing the latter's supreme leader Ayatollah Ali Khamenei and sparking strong retaliation from the country. UK’s second largest bank Barclays on Saturday increased its forecast for Brent Crude oil futures to $100 per barrel. As things stand right now, we think Brent could hit $100 (per barrel), as the market grapples with the threat of a potential supply disruption amid a spiraling security situation in the Middle East,” the bank said in its report.
Asian Paints is poised for a steady December quarter performance, with volume growth expected to improve. While margins are set to expand due to lower raw material costs, revenue growth will be moderated by weak pricing and a challenging demand environment. The B2B segment is anticipated to provide support.
General Zhang Youxia's removal marks the most senior scalp taken in a spate of high-level military purges. He was a close and longstanding ally of Xi Jinping, and his ousting says something remarkable about the lengths the president is willing to go.
The operation by the US Coast Guard to seize the sanctioned tanker Bella 1 became more complicated after the crew painted a Russian flag, claiming Moscow's protection, during a 10-day Atlantic pursuit. The vessel linked to the Iranian oil trade is reportedly now empty.
