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Indian share markets soar higher
Tue, 1 Jan 01:30 pm

Backed by all round buying, Indian share markets continued trade higher in the post noon trading session. All the sectoral indices are trading positive with realty, metal and banking leading the gains.

BSE-Sensex is up 185 points and NSE- Nifty is trading up 54 points. While BSE Mid Cap is trading up 1.2%, BSE Small Cap index is trading up by 1%. The rupee is trading at 54.8 to the US dollar.

Majority of the FMCG stocks are trading in green with Pidilite Industries and Gillete India leading the gains. According to a leading financial daily UK based Keyline Brands, the subsidiary of Godrej Consumer Products Ltd. (GCPL), has acquired Soft & Gentle brand from Colgate Palmolive. Reportedly, Soft & Gentle is UK's fourth largest female deodorant brand. The brand reported sales of around Rs 1.9 bn in 2011. As per GCPL, the acquisition of Soft & Gentle by Keyline Brands is expected to add profitable scale to its UK business. The buyout has been financed by low cost debt that is expected to marginally raise the company's consolidated debt equity ratio by 0.03. GCPL stock is up by 1%.

Most of the power stocks are trading positive with Reliance Infra and GVK Power & Infra being the biggest gainers. As per a leading financial daily, the government has allowed power companies to divert natural gas from one plant to another to achieve optimal plant load factor (PLF). The allocated gas supply cannot be shifted to new plants but only to plants that had been originally allocated gas. Additionally, the company will have to secure approval of the distribution company for shuffling the gas supply. This relaxation in the allocation guidelines by the oil ministry comes in the wake of a sharp fall in the domestic gas output due to a steep reduction in natural gas production from <>Reliance Industries' KG-D6 block.

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