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Indian stock markets slip into the red
Mon, 23 Apr 01:30 pm

Indian stock market indices slipped into the red during last two hours of trade. Barring Oil and gas, all sectors are trading weak. IT and realty stocks witnessed maximum selling pressure.

The BSE-Sensex and the NSE-Nifty are down by 131 points and 46 points respectively. BSE Mid cap index and the BSE Small cap index are down by 0.95% and 0.78% respectively. The rupee is trading at 52.4 to the US dollar.

Barring Karur Vyasya Bank and ING Vysya bank, Private Banking stocks have been trading in the red led by Development Credit Bank and Dhanlaxmi Bank. As per a leading financial daily, YES Bank is planning to approach more retail customers to boost its CASA ratio (current account and savings account as a percentage of total deposits). As per the management, the bank targets to increase retail customers by 60%-70% every year. To achieve this, the bank has signed MoU (Memorandum of Understanding) with Indian Army and Navy to offer a customized product for the service personnel. Besides, the bank has also been focusing on corporate and Government sector for business. It is targeting around 750 branches by 2015 (from existing network of 360 branches across the country) and a total business (deposits and advances) of Rs 1,500 bn by 2015. The stock was trading in the red.

FMCG stocks have been trading mainly in the red, led by Archies Ltd. and Kokoyu Camlin. As per a leading financial daily, Procter & Gamble (P&G) will set up its largest manufacturing plant in Hyderabad at a cost of Rs 3.5 bn. This step is in line with the company's strategy to scale up localized production and thereby expedite product launches and reduce import costs. The plant is expected to start commercial production in two years and reportedly will manufacture products in categories such as laundry, personal care and baby care. The company currently has five plants and outsources production to more than nine contract manufacturing sites in India. P&G aims to set up over 20 production centres and acquire one billion new consumers in the emerging markets by 2015. The company is present in the country through listed subsidiaries, Procter & Gamble Hygiene & Healthcare and Gillette India and unlisted subsidiary, Procter & Gamble Home Products.

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