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Indian share markets stay afloat
Wed, 22 May 01:30 pm

Indian share markets managed to remain just above the dotted line in the post-noon trading session. Majority of the sectoral indices are trading in the green with FMCG, pharma and IT stocks being the major gainers. capital goods, realty and oil and gas are the few stocks trading in the red.

BSE-Sensex is up 15 points and NSE-Nifty is trading marginally down. Both BSE Mid Cap and BSE Small Cap indices are trading down by 0.3%. The rupee is trading at 55.4 to the US dollar.

Majority of the food stocks are trading in the green, with United Spirits and GSK Consumer among the top gainers. As per a leading financial daily, ITC has expanded its deodorant portfolio by foraying into a new sub-segment, couple deodorant, under the brand name Engage. The company had entered the deodorant segment in FY13 through its Fiama Di Wills Men franchise. The three pairs of deo sprays launched for men and women claim to provide 24-hour freshness. The company's non-cigarette FMCG business turned in the black in the March 2013 quarter. ITC stock is currently up 0.9%.

Mining stocks are trading mixed, with Coal India and Hindustan Zinc being the major gainers and Metals and Minerals Trading Corporation of India Ltd. (MMTC) and Gujurat NRE Coke being the major losers. As per a leading financial daily, the Central Electricity Regulatory Commission (CERC) has ruled that Coal India will have to fulfill its full requirement of coal supply under fuel supply agreements (FSA) with power utilities and even resort to imports if deemed necessary. With respect to pass through of additional cost for imported coal, CERC has said that the power developers need to approach the appropriate commission for pass-through under 'change in law' clause. This ruling is likely to provide relief to the power industry. The power developers have been struggling with coal shortage and their resort to costly imports is likely to push up costs and impact margins if the tariffs are not increased proportionately. However, this policy change is likely to face opposition from the State Electricity Boards (SEB).

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