<p>With Indian Covid-19 patients struggling to find medical oxygen in the middle of a second deadly wave of coronavirus infections, shares in companies that produce the gas — or simply have it in their names — are rallying.</p>.<p>Bombay Oxygen, National Oxygen Ltd and Bhagawati Oxygen Ltd — all tiny firms not listed on any major stock index — have surged 47% or more in April, a period in which India's broader market has slumped 2%.</p>.<p>Over the past few days, India has ramped up oxygen production nationwide as supplies of the gas have fallen short and infections surge. Hospitalised Covid-19 patients who are seriously ill often need supplemental oxygen to increase its supply in the blood and lungs.</p>.<p>Meanwhile, prices for oxygen cylinders in many parts of the country have more than doubled.</p>.<p><strong>Also read: <a href="https://www.deccanherald.com/city/bengaluru-infrastructure/despite-govt-s-surplus-claims-bengaluru-hospitals-continue-to-run-out-of-oxygen-976350.html" target="_blank">Despite govt’s surplus claims, Bengaluru hospitals continue to run out of oxygen</a></strong></p>.<p>National Oxygen and Bhagawati Oxygen produce industrial gases including oxygen, but Bombay Oxygen ended its gas operations in 2019 and is now a non-bank lender, according to its latest annual report.</p>.<p>Formerly known as Bombay Oxygen Corp Ltd, it is now Bombay Oxygen Investments Ltd. Its shares have climbed 112% since the start of April. They fell 5% on Tuesday.</p>.<p>A portion of Bombay Oxygen's website, however, still says it makes oxygen and other industrial gases. Reuters could not reach company representatives for comment.</p>.<p>"Once Covid-19 cases start going down, and oxygen supplies go up, the prices will come to normal levels and the stocks should go back (to earlier levels)," said Rusmik Oza, senior vice-president at Kotak Securities in Mumbai.</p>.<p><strong>Also read: <a href="https://www.deccanherald.com/national/india-sees-worst-spike-in-death-toll-logs-over-2-lakh-covid-19-cases-for-6th-straight-day-976405.html" target="_blank">India sees worst spike in death toll, logs over 2 lakh Covid-19 cases for 6th straight day</a></strong></p>.<p>Shares in notable gas producers like Linde India Ltd, the local partner of the US-German industrial gas maker Linde, have more than doubled since the end of January, around the time India's second wave of Covid-19 infections began.</p>.<p>Petrochemicals companies including Reliance Industries Ltd and Indian Oil Corp have begun supplying medical oxygen to plug the shortage. Shares in both companies are down about 4% each this month.</p>.<p>Shares of Gagan Gases Ltd, a distributor of fuel gas commonly known as LPG, have also climbed 47% this month -- despite not having any significant news. A Gagan plant manager said the company does not produce oxygen. Reuters could not reach other representatives for comment.</p>.<p>It may be a case of success by association, but it is also short-lived.</p>.<p>"It's an opportunistic, tactical trade," Kotak's Oza said.</p>
<p>With Indian Covid-19 patients struggling to find medical oxygen in the middle of a second deadly wave of coronavirus infections, shares in companies that produce the gas — or simply have it in their names — are rallying.</p>.<p>Bombay Oxygen, National Oxygen Ltd and Bhagawati Oxygen Ltd — all tiny firms not listed on any major stock index — have surged 47% or more in April, a period in which India's broader market has slumped 2%.</p>.<p>Over the past few days, India has ramped up oxygen production nationwide as supplies of the gas have fallen short and infections surge. Hospitalised Covid-19 patients who are seriously ill often need supplemental oxygen to increase its supply in the blood and lungs.</p>.<p>Meanwhile, prices for oxygen cylinders in many parts of the country have more than doubled.</p>.<p><strong>Also read: <a href="https://www.deccanherald.com/city/bengaluru-infrastructure/despite-govt-s-surplus-claims-bengaluru-hospitals-continue-to-run-out-of-oxygen-976350.html" target="_blank">Despite govt’s surplus claims, Bengaluru hospitals continue to run out of oxygen</a></strong></p>.<p>National Oxygen and Bhagawati Oxygen produce industrial gases including oxygen, but Bombay Oxygen ended its gas operations in 2019 and is now a non-bank lender, according to its latest annual report.</p>.<p>Formerly known as Bombay Oxygen Corp Ltd, it is now Bombay Oxygen Investments Ltd. Its shares have climbed 112% since the start of April. They fell 5% on Tuesday.</p>.<p>A portion of Bombay Oxygen's website, however, still says it makes oxygen and other industrial gases. Reuters could not reach company representatives for comment.</p>.<p>"Once Covid-19 cases start going down, and oxygen supplies go up, the prices will come to normal levels and the stocks should go back (to earlier levels)," said Rusmik Oza, senior vice-president at Kotak Securities in Mumbai.</p>.<p><strong>Also read: <a href="https://www.deccanherald.com/national/india-sees-worst-spike-in-death-toll-logs-over-2-lakh-covid-19-cases-for-6th-straight-day-976405.html" target="_blank">India sees worst spike in death toll, logs over 2 lakh Covid-19 cases for 6th straight day</a></strong></p>.<p>Shares in notable gas producers like Linde India Ltd, the local partner of the US-German industrial gas maker Linde, have more than doubled since the end of January, around the time India's second wave of Covid-19 infections began.</p>.<p>Petrochemicals companies including Reliance Industries Ltd and Indian Oil Corp have begun supplying medical oxygen to plug the shortage. Shares in both companies are down about 4% each this month.</p>.<p>Shares of Gagan Gases Ltd, a distributor of fuel gas commonly known as LPG, have also climbed 47% this month -- despite not having any significant news. A Gagan plant manager said the company does not produce oxygen. Reuters could not reach other representatives for comment.</p>.<p>It may be a case of success by association, but it is also short-lived.</p>.<p>"It's an opportunistic, tactical trade," Kotak's Oza said.</p>