After opening in the weak, Indian share markets turned positive in the post-noon trading session. Majority of the sectoral indices are trading in the red with auto, IT and metal stocks being the biggest losers. Capital goods, consumer durable and FMCG are a few stocks trading in the green.
Majority of the FMCG stocks are trading in the red with Godrej Consumer and P&G Hygiene being among major losers and Jyothy Consumer and Lakshmi Energy being the biggest gainers. As per a leading financial daily, Dabur announced its results for the quarter ended December 2013. The company's consolidated sales grew by 16.8% backed by 14% growth in domestic FMCG business and 26% increase in international operations. Barring hair care, all domestic product categories reported double-digit growth during the quarter. The operating margin reduced slightly by 0.3% to 17.4% due to higher ad-spends and employee costs, both as a proportion of sales. Net profit grew by 15% on 14.5% rise in operating profit and lower interest outgo. Dabur's stock is currently trading up by 0.4%.
Majority of the large IT stocks are trading in the red with HCL Tech and Mphasis being the major losers. Moser Baer and Info Edge are among the few stocks trading in the green. As per a leading business daily, Wipro has shut down its mobile television business which it had acquired from Nokia in 2009. Lack of technology adoption in Europe along with clash for content with other telecom operators with their own streaming services led to the shutdown. Reportedly, Wipro's telecom business has been facing headwinds in the last three years. Share of revenues from technology, media and telecom services have almost halved to 13.7% from 26% in 2010. Wipro's stock is trading down by 0.9%.