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Stock markets slump further
Wed, 16 May 01:30 pm

After a weak opening, the Indian stock markets continued to slip deeper in the red in the last two trading hours. All the sectoral indices, barring Oil and gas are trading negative with auto, metal and consumer durables stocks clocking the biggest losses.

The BSE-Sensex is trading down 319 points and NSE-Nifty is trading down 94 points. Both BSE Mid cap index and BSE Small cap index are trading down 1.4% and 1.5%, respectively. The rupee is trading at 54.3 to the US dollar.

Majority of the FMCG stocks are trading in red with Pidilite Industries and Hindustan Unilever being the biggest losers and Godrej Consumer being the biggest gainer. As per a leading financial daily, lower intake by Canteen Stores Department (CSD) reduced sale volumes of FMCG companies by 5-7%. The CSD is run by the government under the Indian Ministry of Defence and operates through depots and sub-depots at all military bases. The CSD sell a variety of products such as household provisions, kitchen appliances, alcoholic drinks, cars and sports equipment at concessional rates through bulk procurement. GlaxoSmithkline Consumer Healthcare witnessed a 2.5% drop in sale volumes due to non-receipt of CSD orders in February and March. Marico derives 7% of its overall sales comprising mainly of Saffola from CSD. Nestle, as part of channel re-alignment, had curtailed supplies to CSD in CY11 itself. Reportedly, re-negotiation of trade terms and de-stocking were the reasons for order stoppage by CSD and is a one-time effect.

Essel Propack has announced its results for quarter ending March 31, 2012.The company has reported a 17.4% year on year (YoY) growth in the net sales. The operating profits margin for the quarter stood at around 17.3% as compared to 18.0% in the corresponding period last year. The growth in the bottomline came at 182% YoY during the quarter. For full year, the topline and net profits were up by 19% and 10.9% YoY respectively. The operating margins for FY12 slipped down to 19.2% from 22.2% last year. The company has recently received BIFR's (Board for Industrial and Financial Reconstruction) approval for Modified Draft Rehabilitation Scheme including the Scheme of Merger of Ras Propack Lamipack Ltd and Ras Extrusion Ltd with the Company.

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