Oxygen producers are firing on all cylinders, and it hits upper circuits

01

Nov

PRAKSHI RAWAT

Shares of oxygen-producing firms surged, despite a continuing acute shortage of life-saving gas in hospitals throughout India. India, including some of the world's largest gas producers, gained 4.76 % to Rs 1,957. The stock has increased by 113% in the last three months. Shares in the company's smaller competitors were also in strong demand. National Oxygen was up 2%, reaching the circuit's upper limit. With lakhs of pending buy orders and no seller in sight, Bhagwati Oxygen and Gagan Gases each surged 5%.

As the country's health crisis worsened, Oxygen plant supplier increased, attracting traders trying to make a profit from the situation. The above-mentioned stocks have seen a lot of buying in recent months at least of this. Because the virus destroys the respiratory system, seriously ill Covid-19 patients will require supplemental oxygen. Over the last 2 weeks, Indian authorities have indeed been struggling to handle the increased supply of oxygen as the Covid caseload has approached record levels.

"In order to guarantee enough oxygen levels, we need oxygen plants in every district." It's a critical decision that will increase oxygen supply in hospitals and benefit people all over the country," Prime Minister Narendra Modi tweeted on Sunday, announcing the government's plans to build increased oxygen plants.

As the situation worsened, some of India's leading companies began to dramatically increase their oxygen production plant. Some of the companies that have already redirected their capacities to create medical oxygen include Reliance Industries, Tata Steel, JSW Steel, and ArcelorMittal Nippon. ITC and Tata Group have announced that they should purchase cryogenic oxygen transport tanks to assist India in battling the pandemic.