Shares of Asian Paints Ltd ., India's leading paints company gained as much as 5% on Thursday, November 6, after major developments at its key competitor Birla Opus, the Aditya Birla Group paints company.

Birla Opus announced over the mid-week holiday that its CEO Rakshit Hargave has quit with immediate effect and will be joining Britannia as CEO from December 15. Hargave has quit after 18 months of its launch.

During the most recent quarter, Birla Opus stated that it continues to gain market share across most markets and it has expanded its reach to over 10,000 towns and 140 depots. Including Birla Opus and Birla White Putty revenues, the market share has now reached double-digits.

In addition to this, crude oil prices are also at a two-week low as US crude stocks surged by 5 million

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