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Article

28 Feb 2022

Author:
Shine Jacob Sohini Das,
Author:
Ishita Ayan Dutt, Business Standard

Indian companies monitor situation in Russia & Ukraine amid concerns over impact of conflict

Russia-Ukraine crisis: India Inc braces for fallout, monitors situation, 23 February 2022

Stocks of Indian companies with exposure to Europe fell...amid concerns about the impact on their sales in case the Russia-Ukraine crisis worsens and the US and its allies impose economic sanctions on Russia.

While top conglomerates, including Reliance Industries, the Tata group, and Aditya Birla Group, said they did not have any significant exposure to Russia, executives of some of the oil and gas, pharmaceutical, and tea companies said they were monitoring the situation closely as they earned substantial income from the region...

Shares of Tata Motors, the parent firm of Jaguar Land Rover (JLR), fell 3.28 per cent on the BSE as investors feared any conflict would hit JLR’s sales in Europe. Pharma major Dr Reddy’s Laboratories was down 2 per cent, while shares of Motherson Sumi, a key automobile parts supplier to European companies, closed almost flat.

Oil and gas sector officials said the Ukraine crisis was unlikely to have any immediate impact on India, but any rise in crude oil prices could be a cause for concern as it would push the import bill up. On Tuesday, Brent crude was hovering near the $100 per barrel mark...

Executives of the pharmaceutical industry said Russia was one of the key markets for exports - ranking fourth after the US, South Africa, and the United Kingdom - and any disruption would be a concern. Russia accounted for 2.41 per cent of India's pharmaceutical exports in the fiscal year ended March 2021, according to the data from the Pharmaceuticals Export Promotion Council...

Sun Pharmaceutical Industries and Dr Reddy's Laboratories have a significant presence in the Russian market. A Sun Pharmaceuticals spokesperson said the company was monitoring the situation in Russia and Ukraine and was hoping for the best outcome. “We are in constant touch with our employees in both countries and they are safe.”

A DRL spokesperson said the company has had a strong presence in the region for over three decades. “We hope for a peaceful resolution. In case of an escalation, ensuring the well-being of our staff, meeting patient needs, and business continuity would be our main priorities. We are monitoring developments closely and are preparing accordingly,” the official said...

Part of the following timelines

Ukraine: Global outrage over Russian invasion leads to sanctions, demands for businesses to divest

Ukraine: Global outrage over Russian invasion leads to sanctions, demands for businesses to divest