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Indian stock markets extend losses
Mon, 2 Feb 11:30 am

Indian stock markets continued to trade in the red during the previous two hours of trade. Amongst the sectors, stocks from capital goods and IT witnessed maximum gains while FMCG and banking stocks were least in favour.

The BSE-Sensex is trading down by 95 points and NSE-Nifty is trading down by 20 points. BSE Mid Cap and BSE Small Cap indices are both trading up by 0.8%. The rupee is trading at 61.75 to the US dollar.

Steel stocks are trading strong today with JSW Steel and Jindal Saw being the leading gainers. According to a leading financial daily, PSU major SAIL has decided to ramp up capacity of Rourkela Steel Plant (RSP) to 10.8 m tonne (mt) by 2025 from the current capacity of 4.5 mt according to steel and mines minister Narendra Singh Tomar. The expansion would be completed in two phases. RSP more than doubled its hot metal capacity from a level of 2 mt to 4.5 mt after the commencement of country's second biggest Blast furnace 'Durga' in August 2013. The mill includes advanced features like computerised control system for Plan View Rolling (PVR) process to maximize yield and high capacity levelers.

Majority of the FMCG stocks are trading on a negative note with Hindustan Unilever and ITC Ltd being the leading losers while Dabur, Tata Global Beverages and Nestle are trading positive. Dabur today posted 16.42% increase in consolidated net profit at Rs 2.8 bn for the quarter ended December 31 2014, even as passive demand continued to impact the sector. The company had posted a net profit of Rs 2.4 bn in the same period of the previous year. Its consolidated net sales in third quarter of current fiscal grew by 9.16% at Rs 20.73 bn, as against Rs 18.99 bn in the year-ago period. Its smaller vertical retail business and other segments grew by 33.45% to Rs 256 m and 33.60% to Rs 372 m respectively. Dabur is currently trading up by 1.54% on the BSE.

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