Stocks of smallcap oxygen producers surge, large players see profit taking
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Shares of Linde India slipped 0.28 per cent while those of Bhagawati Oxygen rose 5 per cent, National Oxygen 2 per cent and Gagan Gases 5 per cent
ETMarkets.com
In the past three months, Linde India has surged 102 per cent, National Oxygen 41 per cent, Gagan Gases 46 per cent and Bhagwati Oxygen 33 per cent.
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NEW DELHI: Shares of companies that produce oxygen had a mixed show on Dalal Street on Friday, as demand for medical oxygen continued to rise. While stocks of bigger players saw profit booking, those of smaller companies hit upper circuit limits.
Oxygen Shares, Real And Imaginary, Rally As India Battles Virus Surge Bombay Oxygen, National Oxygen Ltd and Bhagawati Oxygen Ltd - all tiny firms not listed on any major stock index - have surged 47 per cent or more in April.
Updated: April 20, 2021 1:47 pm IST
With Indian COVID-19 patients struggling to find medical oxygen in the middle of a second deadly wave of coronavirus infections, shares in companies that produce the gas - or simply have it in their names - are rallying.
Bombay Oxygen, National Oxygen Ltd and Bhagawati Oxygen Ltd - all tiny firms not listed on any major stock index - have surged 47 per cent or more in April, a period in which India s broader market has slumped 2 per cent.
Shares of companies that produce oxygen have skyrocketed on the domestic stock market. (Photo: Reuters)
Companies that produce oxygen or simply have the word in their names are witnessing a sharp rally on domestic stock markets as demand for the gas has spiked.
The development comes at a time when Covid-19 patients in the country are struggling to find medical oxygen in the middle of the second deadly wave of coronavirus infections, reported news agency Reuters.
Several reports indicate that there is an acute shortage of medical oxygen across the country and even hospitals are struggling to procure the gas which has become essential for treating some severe cases of Covid-19.
Oxygen rally in stock market: Name enough to lift shares in Covid-era
Over the past few days, India has ramped up oxygen production nationwide as supplies of the gas have fallen short and infections surge
Reuters | April 20, 2021 | Updated 14:33 IST
With Indian COVID-19 patients struggling to find medical oxygen in the middle of a second deadly wave of coronavirus infections, shares in companies that produce the gas - or simply have it in their names - are rallying. Bombay Oxygen, National Oxygen Ltd and Bhagawati Oxygen Ltd - all tiny firms not listed on any major stock index - have surged 47% or more in April, a period in which India s broader market has slumped 2%.
Real and Imaginary Shares in Oxygen Rally as India Battles Virus Surge thewire.in - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thewire.in Daily Mail and Mail on Sunday newspapers.