The BSE-Sensex is trading up by 65 points while NSE-Nifty is trading 18 points above the dotted line. BSE Midcap and BSE Small cap indices are up 0.5% and 0.7% respectively. The rupee is trading at 44.83 to the US dollar.
FMCG stocks are trading mixed with Archies Ltd, Paper Products, and Procter & Gamble Hygiene and Health Care leading the pack of gainers. However, Marico Ltd, Camlin Ltd and Dabur India Ltd are trading weak. As per a leading financial daily, Godrej Consumers Product Ltd has acquired 51 % in African hair care firm Darling Group Holdings. The Darling Group manufactures hair extension products under the brands 'Darling' and 'Amigos'; It operates in 14 countries across sub-Saharan Africa. The company has not disclosed the cost of acquisition. However, it has said that it will be EPS accretive from the very first year. The recent acquisition will help the company realize its aim to scale up its presence in the hair care space in Africa. It already has a presence in the African market through its brand Inecto. The company also said that the acquisition will be a platform for its personal and home care products in Africa. In the past four years, it has made three acquisitions in Africa in the personal and hair care space. The stock of the company is trading in the red.
Power stocks are trading mixed as well with Jaiprakash Power, CESC Ltd and NTPC leading the pack of gainers. However, PTC India and GVK Power are trading firm. As per a leading financial daily, Coal India (CIL) has turned down a proposal from Adani Group to form a joint venture (JV) to exploit the group's freshly acquired coal mines in Australia. The reason for declining the proposal is that CIL cannot enter into JVs on a single proposal basis from a private company. It has to be through the expression of interest mode.
Earlier, when Coal India had invited expression of interest for taking stakes in foreign assets, the Adani group did not respond because it did not have the Australian asset by then. The stock of the company is trading firm.