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. These shares have been in high demand in the past couple of months, as the pandemic worsened, leading to a huge mismatch in oxygen demand and supply. 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.
India has been grappling to meet the heightened demand for oxygen for the last few weeks, as the Covid case load has hit record levels. Seriously ill Covid-19 patients need additional oxygen as the virus damages the respiratory system strongly.
As the situation has turned dire, some of the biggest names of Indian industry have started increasing oxygen production. RIL, Tata Steel, JSW Steel and ArcelorMittal Nippon are some of the companies that have diverted their capabilities to produce medical oxygen. Overall, Indian stocks were under pressure.
