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Indian share markets remain buoyant
Wed, 26 Mar 01:30 pm

Indian share markets pared gains but continued to remain buoyant in the post-noon trading session. Barring IT, FMCG and pharma, all the sectoral indices are trading in the green. Metal, oil & gas and capital goods stocks are the biggest gainers.

BSE-Sensex is up 54 points and NSE-Nifty is trading 18 points up. Both BSE Mid Cap and BSE Small Cap indices are trading up by 0.5%. The rupee is trading at 60.2 to the US dollar.

Most of the FMCG stocks are trading in the green with Gillette and Kokuyo Camilin being the major gainers whereas Lakshmi Energy and Bata India are a few stocks trading in the red. As per a leading financial daily, value added hair oil segment is witnessing increased competition with multinational companies vying with each other to enter this segment. The value added hair oil segment has grown bigger than the coconut hair oil segment and commands a 58% share in the Rs 81 bn hair oil market. Besides being priced at a premium, value added hair oils are growing faster than coconut hair oils thereby attracting multinational companies. After FMCG behemoth, Hindustan Unilever launched premium hair oil Dove Elixir last year, French major L'Oreal has launched Six Oil Nourish recently. Even domestic companies have increased focus on this segment. Marico wants to increase sales contribution from ayurvedic hair oils. Even Bajaj Corp and Dabur are pushing value added hair oil products aggressively.

Majority of the mining stocks are trading in the green with Sesa Sterlite and Coal India being among major gainers. As per a leading financial daily, Coal India Ltd (CIL) will be adding 25,000 workmen over the next five years whereas 75,000 workmen are scheduled to retire during this period. The net reduction of 50,000 workmen is expected to double productivity per employee and reduce cost of production by 10%. For CIL, wages and salaries is the single largest component in the cost of production and stands at around 46% after the recent wage hike. Even the average age of the employees will fall from 50 to 45 years over the next five years. Presently, CIL has a staff strength of 3.45 lakh out of which 40,000 are officers and the rest are workmen. Coal India stock is currently up 2.2%.

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