Oxygen Shares, Real And Imaginary, Rally As India Battles Virus Surge

Bombay Oxygen, National Oxygen Ltd and Bhagawati Oxygen Ltd - all tiny firms not listed on any major stock index - have surged 47 per cent or more in April.

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. Bombay Oxygen, National Oxygen Ltd and Bhagawati Oxygen Ltd - all tiny firms not listed on any major stock index - have surged 47 per cent or more in April, a period in which India's broader market has slumped 2 per cent. 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. Meanwhile, prices for oxygen cylinders in many parts of the country have more than doubled.