Indian equity markets have witnessed a sharp rise and are trading in green in post noon trading session. As per the available data, the Feb WPI inflation was at 6.84% vs 6.6% in Jan seems to have raised hope for rate cut. Majority of sectors are trading in green barring the stocks from consumer durables and auto. Maximum buying is witnessed in banking and realty stocks.
Most of the banking stocks are trading in green with Karnataka Bank and Laxmi Vilas bank are leading among gainers. As per the financial daily, ICICI Bank has constituted a inquiry committee to probe allegations that it is one of the Indian banks that run a nationwide money laundering racket. Reportedly, Cobrapost, an online magazine, claimed that as per its undercover investigation it was revealed that banks like ICICI Bank, HDFC Bank and Axis Bank run money laundering rackets. Further, money laundering services are offered as a standard product across the country. Cobrapost claims that it has captured the video tape of these banks who are running money laundering racket run by these banks.
FMCG stocks are trading mixed with Hindustan Unilever and Colgate being the biggest gainers and Godrej Consumer Products and Gillette India being the major losers. As per a leading financial daily, FMCG behemoth Hindustan Unilever (HUL) is contemplating to realize over Rs 3 bn by July 3013 . The proceeds will be realized through the sale of more than 55 high-end apartments in prime localities of Mumbai, Kolkata and a land parcel in Hyderabad. The company has earned over Rs 6.7 bn from the sale of real estate properties and residential apartments alone in the last four quarters. According to HUL, it continuously reviews assets including real estate to unlock business value from idling assets. Reportedly, the company's increased activity on the real estate front has been due to two reasons. Firstly, HUL executives have gradually shifted from company-owned to self-owned or rented apartments due to better tax savings. Secondly, the company has sold off or leased several properties including its erstwhile headquarters, Lever House, and Gulita property in Worli after shift in its headquarters to Andheri from south Mumbai in 2010. HUL has given leasehold rights of Gulita to Piramal Realty for Rs 4.5 bn.