L&T, Maruti, Asian Paints, BPCL, Apollo Tyres, IndiGo: Biggest winners of US-Iran deal

Oil & gas, tyre, paints, aviation, automobile, cement, quick service restaurants (QSRs), fertilisers, online food delivery platforms, chemicals and construction stocks jumped on Monday, emerging as the biggest winners, as the US and Iran announced deal to end months long hostility. 

The immediate beneficiaries are OMCs, transportation, cement, and select lenders (banks/NBFCs), along with ME-exposed stocks like L&T, Emkay Global said.  "Conversely, the case for upstream energy is now weak, as with safe haven sectors like FMCG, pharma, and technology. Our top ideas to play the market recovery: OMCs (all trading lower than LTA on PBV, with HPCL in the EMP), L&T (rebuilding Middle-East projects), SHFL, Indigo, and Tata Motors PV (beaten down on fears of a fuel price hike)," t said said.

InterGlobe Aviation Ltd (IndiGo) climbed 4.13 per cent to Rs 4,904. For aviation sector, ATF fuel accounts for 30–40 per cent of airline operating costs. A fall in crude oil prices thus lead to margin expansion, ticket price moderation and a rise in demand.

Larsen and Toubro Ltd (L&T) advanced 3.33 per cent to Rs 4,184. The Middle East accounts for 50 per cent of the order book and over 40 per cent of revenue for L&T. "The Middle East remains a strategically significant market for Larsen & Toubro, and as of 31st March '26, we have an order book of almost Rs 3 trillion coming from the region," L&T management said in a May Concall.  

For tyre sector. a key raw material synthetic rubber account for 25-30 per cent of raw material costs. Carbon black account for another 20 per cent. They are all linked to crude oil. Apollo Tyres, CEAT and MRF gained 3-4 per cent today.

Maruti Suzuki India Ltd jumped 4.03 per cent to Rs 13,910. Mahindra & Mahindra Ltd climbed 3.69 pr cent to Rs 3,155.65. Tata Motors Passenger Vehicles Ltd rose 2.13 per cent to Rs 397.70 on hopes lower fuel prices by increase demand for automobiles.

OMCs HPCL, BPCL and IOC advanced 4 per cent each as a fall in crude oil prices would reduce under-recoveries on auto fuel and LPG cylinders. 

Asian Paints and Kansai Nerolac Paints jumped sharply in the morning session but cut entire gains as the session progressed. Crude derivatives account for 40-45 per cent of raw material costs for paints makers. A 10 per cent increase in crude thus result in a 200-250 bps gross margin contraction. 

Online food delivery platform Swiggy climbed 4.64 per cent to Rs 261.50. Eternal Ltd also gained 4.41 per cent to Rs 254.55. The two stocks were in the past hit by concerns over the impact of gas shortage on restaurants in India. Quick service restaurants such as Jubilant FoodWorks Ltd, Devyani International Ltd and Restaurant Brands Asia Ltd advanced up to 2.5 per cent.

"Broad-based reductions are unlikely to be immediate because LPG pricing in India reflects a combination of international benchmarks, exchange-rate movements, subsidy policies, and fiscal considerations," said Manoranjan Sharma, Chief Economist, Infomerics Ratings. 

Cement companies rely heavily on pet coke and fuel energy. ACC, Ambuja Cements and UltraTech Cements added 2-4 per cent. Tile and pipe makersw sych as  Kajaria Ceramics Ltd, Somany Ceramics Ltd, Apollo Pipes Ltd, Astral Ltd and Finolex Cables Ltd also gained. Coromandel International,Paradeep Phosphates, Fertilizers and Chemicals Travancore, RCF and Rallis India added up to 2 per cent.