Indian equity markets continue to trade strong over the last two hours of trade on back of heavy buying activity witnessed across industry heavyweights. Auto and FMCG stocks witnessed maximum buying interest.
Energy stocks are trading in the green. Petronet LNG and Gas Authority of India are the biggest gainers while Bharat Petroleum Corporation Ltd. (BPCL) and Gujarat State Petronet are the biggest losers. According to a leading financial daily, Oil and Natural Gas Corporation Ltd. (ONGC) is planning to bid for part of ConocoPhillips Canadian oil sands holdings worth around USD $5 bn. ConocoPhillips, a Houston based company has been looking to sell assets in a number of countries including Nigeria as part of a global restructuring. ConocoPhillips recently completed the spin-off of its refining activities into Phillips 66, a newly created independent US company. The first round of bids is due soon and there is likely to be competition from other international parties, including possible Chinese interest.
Food stocks are trading strong led by Golden Tobacco and Wadala Commodities. According to a leading financial daily, Britannia Industries, the market leader in Indian biscuits market garners a substantial proportion of its overall revenues from overseas operations. The company's bakery and dairy products are sold in around 30 countries across the world. It is present in West Asia, Southeast Asia, Africa and Australia, and has entered mature North American and UK markets. The FMCG company is now looking at further strengthening its global position by getting into newer geographies and introducing new products. As per the management, they are targeting the Indian diaspora in the United States, Canada and the UK.