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- Indian Stock Market News March 11, 2014
Indian share markets widen losses Tue, 11 Mar 01:30 pm
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 metal, capital goods and pharma stocks being the biggest losers. Only realty, power and IT stocks are trading positive.
BSE-Sensex is down 101 points and NSE-Nifty is trading 21 points down. BSE Mid Cap is trading 0.1% up and BSE Small Cap index is trading up by 0.2%. The rupee is trading at 60.7 to the US dollar.
Most of the engineering stocks are trading in the red with Crompton Greaves and BGR Energy being the biggest losers whereas Bharat Bijlee and Engineers India are among the major gainers. As per a leading financial daily, Larsen & Toubro Construction has bagged orders valued at Rs 29.4 bn in March & February. In the transportation infrastructure business, the company secured orders of Rs 10.4 bn. In each of the building & factories and water & renewable energy business segments, the company won orders of around Rs 6 bn each. In the power transmission & distribution business, the company got orders worth Rs 5 bn from domestic and international markets. L&T's stock is currently trading down 1.2%.
Majority of the food stocks are trading in the red with Golden Tobacco and VST Industries among major losers. As per a leading financial daily with the black tea market fully penetrated, the green tea segment has been growing at a fast clip. While the total branded tea market worth Rs 95 bn is growing at 5%, branded green tea valued at Rs 1.5 bn is growing by 21%. Even the retail margins in green tea are 50% more than black tea as per Technopak Consultants. Therefore tea companies Tata Global Beverages (Tetley brand) and Hindustan Unilever (Lipton and Taj Mahal) are fighting a pitch battle to dominate this segment. However, the green tea segment still being a discretionary and experimental segment with consumers, a strong distribution reach is vital. Tata Global Beverages (TGB) and Hindustan Unilever (HUL) enjoy a wide reach which have enabled them to grab share from London-based Twinings. Both TGB and HUL are neck and neck with each other, but TGB with a strong presence in the hospitality segment has an edge in the institutional segment. TGB's stock is presently trading down marginally.
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