Backed by persistent selling, Indian share markets slipped deeper in the red in the post-noon trading session. Majority of the sectoral indices are trading in the red with IT, realty, and banking stocks being the biggest losers. Oil & gas, FMCG and auto are the only stocks trading in the green.
Majority of the food stocks are trading in the red with Tata Coffee and United Spirits being among the major losers whereas Golden Tobacco and Sterling Biotech are among the few stocks trading in the green. As per a leading financial daily, GlaxoSmithKline Consumer Healthcare is widening its product portfolio by launching malted beverages in traditional flavours. The company has introduced its flagship product Horlicks in kesar and badam flavour. The company had earlier launched Horlicks Lite in badam flavour and oats in classic masala, mild kurma and southern spices flavour. The company aims to increases its rural penetration by launching more local flavours. GSKCH has also hiked the price of Horlicks by 3-4% to pass on higher input prices. The stock is currently trading marginally down.
Most of the energy stocks are trading in the green with Indian Oil Corporation and HPCL being among major gainers whereas Jindal Drill and MRPL are the biggest losers. As per a leading financial daily, Oil & Natural Gas Corporation (ONGC) is planning to acquire 26% stake in Indian Oil Corporation's (IOC) liquefied natural gas (LNG) import plant at Ennore in Tamil Nadu. IOC is setting up the 5 m tonnes per annum (mtpa) LNG terminal at a cost of Rs 43.2 bn which is likely to be completed by 2017. The move comes in the backdrop of ONGC targeting to have 30% of its revenues from non - exploration & production business by 2030. Apart from this, the company is also setting up a 2.5-5 mtpa LNG import terminal at Mangalore in Karnataka. ONGC also has a 12.5% stake in Petronet LNG that has LNG import terminals at Dahej in Gujarat and Kochi in Kerala. However, ONGC does not have marketing rights over the gas imported at these terminals. ONGC's stock is currently trading up by 0.4%.