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Indian share markets trade weak
Fri, 22 Mar 11:30 am

Indian share markets fell into the negative territory after opening on a flat note earlier today. All sectoral indices traded in the red led by consumer durable and realty stocks.

The BSE-Sensex is trading lower by 60 points and NSE-Nifty is trading lower by 10 points. BSE Mid Cap and BSE Small Cap indices are trading down by 0.8% and 1.1% respectively. The rupee is trading at 54.36 to the US dollar.

Auto stocks are trading weak led by Eicher Motors and Escorts. As per a leading daily, Hero MotoCorp is planning to invest Rs 11 bn in 2013-14. The country's largest motorcycle maker wants to strengthen its leadership position and would utilize the funds towards new launches, expanding capacities, strengthening network and brand building activities. Of the Rs 11 bn capex, the motorcycle company would use Rs 6 bn for its upcoming plant at Neemrana and around Rs 1-1.5 bn on a state-of-the-art integrated R&D centre at Kukas. A sum of Rs 4 bn will be used for investment in other areas, including IT instruments, the existing plants and its proposed fifth plant in Gujarat. This proposed fifth plant at Halol, will initially have a capacity of 1.2 m units which will be raised to 1.8 m later.

FMCG stocks are trading in the red led by Archies Limited and Lakshmi Energy. As per a leading daily, Godrej Consumer Products has recently completed divestment of its non-core food business. We may note here that earlier in January 2013, the company had entered into an agreement to divest its non-core Indonesian Foods business to Creador, a private equity firm. The company's foods business in Indonesia included cereals, snacks and instant food products under largely the brands named Simba and Turbo. The transaction was expected to get completed in two months' time. Last year the company's food business in Indonesia generated net sales of about $22 million. GCPL had acquired the business in 2010.

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