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Indian share markets climb higher
Wed, 26 Feb 01:30 pm

Indian share markets continued to firm up in the post-noon trading session. Barring realty and metal, all sectoral indices are trading in the green with FMCG, auto and pharma stocks being the biggest gainers.

BSE-Sensex is up 113 points and NSE-Nifty is trading 28 points up. BSE Mid Cap is trading marginally up and BSE Small Cap index is trading up by 0.4%. The rupee is trading at 61.9 to the US dollar.

Most of the energy stocks are trading positive with Hindustan Petroleum Corporation Ltd (HPCL) and Bharat Petroleum Corporation Ltd. (BPCL) being the major gainers. Gujarat Gas and Gujarat State Petronet are among the stocks trading in the red. As per a leading financial daily, Indian Oil Corporation (IOC) is geared up to acquire 10% stake in the shale gas and liquefied natural gas (LNG) project of the Malaysian firm Petronas in British Columbia for $900m. The proposal was cleared by the Cabinet on 12th February 2014 and IOC has secured a one-year bridge loan to finance the deal. This acquisition will pave way for IOC's entry into North America. Reportedly, IOC and its subsidiaries account for 49% share in the petroleum products segment, 31% share in refining capacity and 71% downstream sector pipelines capacity in the country. The company owns and operates 10 refineries with an aggregate refining capacity of 65.7 million tonnes per year. IOC's stock is trading up 1.2%.

Majority of the FMCG stocks are trading in the green with Hindustan Unilever (HUL) and Emami being among major gainers. As per a leading financial daily, in a bid to widen its ice cream portfolio, HUL has started the national launch of the world-famous Magnum ice-cream. The ice cream was launched in Chennai in April 2013 and introduced in Mumbai and Hyderabad last week. The company is already present in the ice cream segment through Kwality Walls range. Magnum is positioned as a premium product made of Belgian chocolate and priced at Rs 85 a stick. Unilever is the world's largest ice cream company with brands such as Cornetto, Breyers and Ben & Jerry's retailing under its Heartbrand range. In India, HUL faces competition from market leader Amul and other players such as Mother Dairy and Vadilal. Amul has been able to maintain a competitive edge due to aggressive pricing, distribution and launches. HUL's stock is trading up 0.3%.

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