Indian stock markets indices are trading strong over the last two hours of trade led by sustained buying activity witnessed across industry heavyweights. Metal and consumer durables stocks witnessed maximum buying interest.
Energy stocks are trading in the green led by Indraprastha Gas Limited and Hindustan Petroleum Corporation Ltd (HPCL). Indraprastha Gas Limited has announced results for the quarter ended December 2012. The company has reported a sales growth of 44% YoY and a net profit growth of 3% YoY. Product wise, compressed natural gas (CNG) recorded a sales growth of 34% and piped natural gas (PNG) recorded a sales growth of 96% as compared to the corresponding period last year. In the third quarter, CNG sales volume increased by 16% and PNG sales volumes went up by 64% over last year. Overall, there was 25% growth in sales volume during this quarter over the corresponding quarter of 2010-11.
Food stocks are trading strong led by United Spirits and Sterling Biotech. As per a leading daily, ITC is looking at investing Rs 10 bn over a period of next 5 years in its FMCG business, especially the food segment. This would be utilized to set up new production facilities and enhance existing capacities. The FMCG company is expected to invest in state of the art manufacturing facilities as well as build up the logistics. It may be noted here that in the recent past, ITC has gotten into newer categories of instant noodles, pasta and biscuits in the food segment. Earlier, ITC reported a 14.2% growth in revenues on the back of 18.8% growth in the FMCG business for the quarter ended December 2011.