Investors betting on oxygen suppliers as Covid situation worsens
On a year-to-date basis, shares of Linde India and National Oxygen have gained 93% and 49%, respectively
Investors on Dalal Street are lapping up shares of oxygen suppliers amid reports pouring in from many states about the sordid state of affairs at hospital facilities.
Following the development, shares of Bhagwati Oxygen climbed 4.95% to Rs 17.19. On the other hand, National Oxygen rallied 1.98% to Rs 61.65. Linde India, a supplier of medical oxygen to hospitals and industrial gases to corporations, also advanced 4.25% to Rs 1970.
Overall, the domestic equity markets were in the red on April 16 as India reported 275,306 coronavirus disease (Covid-19) cases on Sunday, the highest single-day spike so far since the pandemic broke out, Worldometer showed. With this, India’s Covid tally has shot up to 15,057,767 cases. The 30-share Sensex was down 1150 points, or 2.36%, at 47,700 at around 1 pm (IST).
On a year-to-date basis, shares of Linde India and National Oxygen have gained 93% and 49%, respectively. On the other hand, Bhagwati Oxygen has declined 4.5% during the same period. The benchmark BSE Sensex added just 2% to 48,832 YTD.
On the issue of the supply of medical oxygen, Prime Minister Narendra Modi directed that the installation of approved medical oxygen plants should be sped up.
According to the statement, 162 PSA oxygen plants are being installed in 32 states and UTs from the PM CARES fund.