look news india
Due to the ongoing fierce conflict between Iran and Israel, the Indian stock market fell by a huge 1,700 points on Thursday.
There are 14 listed Indian companies in Israel, which are currently going through difficult times. However, many of these companies are those on which the war situation may have limited impact. Investors are worried about the impact of the war on crude oil prices and global supply chains. Many Indian companies with joint ventures with Israel have been affected by the stock market carnage. Israel's retaliatory action after Iran's missile attack has created great uncertainty regarding crude oil prices.
Adani Ports owns Haifa Port in Israel. Its share price declined by 2.5 percent and the share price reached an all-time high of Rs 1,429.35. While shares of Sun Pharma, which holds the largest stake in Israel's Taro Pharmaceuticals, closed flat. Generic drug makers Dr Reddy's and Lupine are also under scrutiny from investors. Because, both these companies cannot be excluded from any influence on Israel's Tel Aviv-based pharma.
NMDC, Kalyan Jewelers and Titan, which are linked to the mine, also have Israel connections. Apart from TAD, information technology (IT) majors Tata Consultancy Services (TCS), Wipro, Tech Mahindra and Infosys, State Bank of India (SBI) and Larsen & Toubro (L&T) also have a presence in Israel.
It is noteworthy that amid the Iran-Israel dispute, the price of Brent crude was $ 75 per barrel on Thursday. At present, investors are keeping an eye on the ongoing uncertainty in the Middle East. Experts say that this war situation can affect the pharma and FMCG sector. Additionally, this crisis will also have an adverse impact on the share prices of companies involved in paint and tire manufacturing. Because, these companies use crude oil as raw material for their production. Share prices of Asian Paints and Berger Paints fell by three to four percent on Thursday. Shares of Apollo Tires fell 4%, MRF fell 2% and JK Tire fell 3%.