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Indian share markets remain in red
Mon, 24 Jun 11:30 am

Indian share markets have remained in red in the last two hours of trade with metals as the only sector witnessing buying interest.

The BSE Sensex is down by 167 points and the NSE-Nifty is down by 60 points. BSE Mid Cap index is down by 1.7% while the BSE Small Cap index is up by 1%. The rupee is trading at 59.63 to the US dollar.

Food and Tobacco shares are trading on a mixed note with GSK Consumer and VST Industries leading the gains while United Spirits and Golden Tobacco are leading the losses. According to a leading financial daily, ITC's packaged foods division and personal care business are putting in place strategic plans this fiscal in a bid to sustain the company's growth momentum. ITC is betting big on research & product developments, distribution competencies and consumer engagement strategy to woo new consumers. ITC Foods, for example, is planning to scale up its business by drawing upon the agri-sourcing strength of the e-choupals, in-house cuisine knowledge, product development capabilities, packaging strategy and branding, sales & distribution competencies. ITC Personal on the other hand plans to invest in cutting-edge products, flexible manufacturing and supply chain operations to drive volumes in the soaps, skincare and shampoos categories. ITC's share is trading up by 0.7%.

All except two PSU Bank shares, United Bank of India and Bank of Baroda are trading in red. According to a leading financial news medium, Bank of Baroda (BoB), has reportedly unveiled its National Pilot Agri Loan Factory at Himmatnagar in Gujarat on June 21, 2013. By opening this new factory, the bank would give a boost to the State's agricultural sector. The Agri Loan Factory started off with a sanction of Rs 530 m in advances to the farm sector. Sanctioned cheques were also distributed to top borrowers. With this new 'Loan Factory' the bank would be providing all types of loans related to agriculture under one roof. Recently, the bank announced that it would be charging interest on home loans for new and existing customers at the base rate of 10.25% per annum across all tenures and for any amount. The single rate of interest for all home loan customers got effective from June 01, 2013.

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