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Indian markets trade in the red
Tue, 27 May 11:30 am

After opening weak; the Indian Indices have continued the downward trend in the last two hours of the trading session. Auto, energy and metal stocks are leading the losers.

The BSE Sensex is trading down 171 points and the NSE-Niftyis trading down 49 points. The BSE Mid Cap index is trading down 1.3%, while the BSE Small Cap index is trading down 1.7% today. The rupee is trading at 59.02 to the US dollar.

Food and Tobacco stocks are trading mixed today. Sterling Biotech and VST Industries are leading the gainers; while Golden Tobacco and Ruchi Soya Industries are leading the losers. Britannia Industries has declared its fourth quarter and annual results for FY14. The revenue for the company has grown by 9% YoY in 4QFY14 while net profit has grown by 17% YoY for the same period. For FY14; the sales grew by 11.35% YoY while net profit grew by 52.3% YoY. The company has further added that its quarterly profits were impacted by an exceptional item of Rs 200 m towards provision for decline in value of investment in Daily Bread, a gourmet bakery chain. Accounting for the exceptional item, the net profits have grown by 4% YoY. The company has recommended an annual dividend of Rs 12 per share. The stock is trading 2.3% down today.

Most software stocks are trading higher today. HCL technologies and Infosys are leading the gainers. As per a leading financial daily, India's second largest software firm Infosys has completed the initial evaluation of eight internal candidates for the post of CEO. Infosys is putting together a leadership succession plan in place as the present CEO S.D Shibulal, has expressed his wish to step down earlier than his scheduled retirement in March 2015. The company has been under pressure from institutional investors to bring in a CEO from outside the firm. For this purpose Infosys has hired the renowned executive search firm Egon Zehnder, to present to the board, a list of 8-10 potential candidates from around the world. In the meanwhile the company is narrowing down the list of potential internal candidates as well. The board will then take the final call after considering candidates from both lists. Infosys is trading up 1.7% today.

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