After a positive opening, Indian stock markets remained range-bound but continued to trade well above the dotted line in the last two trading hours. Majority of the sectoral indices are trading positive with IT, realty and banking stocks leading the gains. Pharma and FMCG stocks are the only losers.
The BSE-Sensex is trading up 122 points and NSE-Nifty is trading up 34 points. Both BSE Mid cap index and BSE Small cap indices are trading up by 0.4% and 0.5%, respectively. The rupee is trading at 52.6 to the US dollar.
Majority of the food stocks are trading negative with GSK Consumer and Nestle India down by more than 1%. Agro Tech Foods and Lakshmi Energy are the biggest gainers. As per a leading financial daily, industry body Assocham has projected the market size of the packaged food industry to double to US$ 30 m by 2015 on the back of rising demand for healthy & functional foods and beverages. Assocham has forecast the industry to grow at a compounded annual growth rate of 15%-20%. The packaged food industry comprises of products such as bakery products, canned/dried processed foods, processed dairy products, frozen ready-to-eat foods, diet snacks, processed meat and probiotic drinks. The main players in the processed food industry include Hindustan Unilever (HUL), Nestle, Pepsico and Haldiram.
According to a leading financial daily, travel service provider Cox & Kings has secured licence from Reserve Bank Of India (RBI) for operating Nostro account. Thomas Cook is the only travel company in India that has an authorized Nostro licence. A Nostro account will enable Cox & Kings to efficiently manage exchange rate fluctuations through better currency rates. Initially, the company will create accounts in the four most traded currencies namely US dollar, euro, pound and yen. The company is expecting to clock Rs 60-70 m of incremental profits from the new licence in FY13. The stock is up 3%.