The Indian markets corrected more than 3 per cent after tanking in the opening trade as Russia announced to attack Ukraine.  Russian President Vladimir Putin on Thursday announced a military operation in Ukraine, claiming it's intended to protect civilians. 

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Reacting to the development, benchmarks gave up all crucial support levels and Nifty opened near 17,500 and the Sensex tanked by more than 1800 points in the opening. It only got worst as the indices slipped further and corrected by more than 3 per cent as Nifty gave up 17,500, while the Sensex dropped over 2000 points amid all stocks turning negative on both the indices. Meanwhile, this war is likely to take a toll on stock markets across the world, including India, but it will have more impact on certain companies which have exposure to Russia and Europe the most. Stocks of all these Indian companies will have direct bearings.  

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Stocks related to oil & gas sector will also take a big hit amid rising crude oil price due to the Russia-Ukraine war.  

Exposure of Indian companies in Russia 

Pharmaceutical companies: Dr Reddy's, Sun Pharma

Two pharmaceutical companies, which have exposure in Russia, can see huge volatility in their price movement going forward. Dr Reddy's Laboratories, where in Russia has 8.3% stake to the tune of Rs 1580 crore can be one of the worst hit stocks. 

Besides, Sun Pharma, which has Russian exposure to the tune of 3% or Rs 390 crore, can also feel the heat of this tension.  

Oil & Gas stocks: ONGC, Oil India, Petronet LNG, GAIL, MGL, IGL and Gujarat Gas

The rise in oil prices and natural due to the war situation would further impact Indian oil & gas marketing companies such as ONGC, Oil India, Petronet LNG, GAIL, MGL, IGL and Gujarat Gas.  

IT stocks: Mastek, Tata Elxsi, TCS, Firstsource and Tech Mahindra 

IT companies located in or those which have exposure in Europe or the United Kingdom will also be directly affected from Russian-Ukraine tension.  

Technology related companies which derive income from European or the UK markets will also be hurt. Mastek, which generates 67% revenue from the European and the UK markets, will be affected the most. Besides Tata Elxsi (67%), Tata Consultancy Services (31.9%), Firstsource (31%) and Tech Mahindra (26%) will be other IT related shares that will be impacted the most.    

Carborundum Universal 

Besides, Carborundum Universal Ltd, a part of Murugappa Group, is also likely to be affected the most. Carborundum Universal is a leading manufacturer and developer of abrasives, ceramics, refractories, aluminum oxide grains, machine tools, polymers, adhesives and electro minerals. Russian subsidiary has 25% stake worth Rs 654 crore in total income of this company in FY 21. In 2007, the company has bought 84% stake in Russian firm Volzhsky Abrasives Works (VAW). 

As reported by Kushal Gupta, Senior Research Analyst at Zee Business

(Disclaimer: The views/suggestions/advice expressed here in this article are solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.