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India share markets rebound
Thu, 5 Jun 01:30 pm

Indian share markets recouped losses and are trading higher in the post-noon trading session. Barring banking, all the sectoral indices are trading in the green with metal and power stocks being the biggest gainers.

BSE-Sensex is up 67 points and NSE-Nifty is trading 29 points up. BSE Mid Cap is trading 1.1% up and BSE Small Cap index is trading up by 1.5%. The rupee is trading at 59.25 to the US dollar.

All the retail stocks are trading in the green led by Trent and Provogue. As per a leading financial daily, Titan Industries has outlined capital expenditure of Rs 2.5 bn in FY15 out of which Rs 1.5 bn will be spent on expanding capacities and the remaining on retail expansion. In FY15, the company will be adding 40 World of Titan stores to its existing 470 stores, 10 Helios stores to the present 50 stores and 50 Fastrack stores. Titan has also earmarked Rs 1 bn for expansion of Montblanc boutiques. The company recently entered into a joint venture with Montblanc for the sale of the latter's pens and men's top-end lifestyle products. The joint venture is expected to commence operations in January 2015. Titan stock is trading up by 1%.

Majority of the food stocks are trading in the green with Nestle and Agro Tech Foods being among major gainers whereas GSK Consumer and ITC are trading in the red. As per a leading financial daily, Britannia Industries is focusing on the top end of the biscuit market where it has a muted presence in the form of Pure Magic that competes with strong rivals such as ITC's Sunfeast Dark Fantasy and Mondelez's Oreo. Apart from product innovations in the top-end of the biscuit market, the company is also planning to increase its distribution in rural as well as urban regions. Britannia is targeting to increase its distribution reach from 3.6 m to 5 m outlets over the next three years. The company would also be strengthening its distribution in north and west by setting up plants in Uttar Pradesh, Gujarat, Orissa, Bihar and Uttaranchal. But this will be after completion of the cost rationalization initiatives in the form of lower outsourcing. Britannia has reduced the number of plants from 65 to 35 and wants to further reduce it to 20. Presently the company has six company-owned plants and five plants in which it has an equity stake. These 11 factories account for 50% of the overall biscuit production. Britannia stock is trading up marginally.

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