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Realty, Power Stocks in Favour Today
Wed, 29 Jun Closing

Indian equity markets gradually increased as the day progressed to finish strong for a second consecutive session. At the closing bell, the BSE Sensex closed higher by 216 points, while the NSE Nifty finished higher by 76 points. The S&P BSE Midcap & the S&P BSE Small Cap also finished up by 1% and 1.3% respectively. Gains were largely seen in realty, power and auto stocks.

Asian markets finished broadly higher today with shares in Japan leading the region. The Nikkei 225 is up 1.59% while Hong Kong's Hang Seng is up 1.31% and China's Shanghai Composite is up 0.65%. European markets are also higher. France's CAC 40 is up 2.05% while London's FTSE 100 is up 2.01% and Germany's DAX is up 1.36%.

The rupee was trading at 67.74 against the US$ in the afternoon session. Oil prices were trading at US$ 48.37 at the time of writing.

Food and Tobacco stocks finished the day on a positive note with Ruchi Soya Industries and Golden Tobacco leading the gains. According to a leading financial daily, ITC will invest Rs 40 billion over the next 2-3 years to set up 8-9 factories across the country for manufacturing of food products. This comes at a time when the company recently expanded its new Sunfeast Farmlite biscuits portfolio catering to health conscious consumers.

The company entered into the dairy segment with ghee in October last year and launched dairy whitener in the North East this month. Last year, ITC also commissioned three company-owned manufacturing units for the packaged food business and is currently building over twenty new projects.

ITC's packaged food business has crossed (Subscription Required) the Rs 70 billion sales mark in 2015-16, a growth of 10.7% over last fiscal. With this, the company's non-cigarette FMCG brands have garnered annual consumer spend over Rs 120 billion.

The company said the FMCG industry faced another challenging year with demand conditions remaining sluggish for the third year in succession. The year also witnessed price deflationary conditions with many companies passing on the benefit of decline in input prices to consumers with a view to increase sales volumes. ITC finished the trading day down by 0.6% on the BSE.

According to an article in The Livemint, top Indian companies are likely to have an impact on their businesses as mineral dependent economies in Africa are facing a dollar crunch amid a global slowdown in commodity prices.

Reportedly, the list of affected firms include Bharti Airtel, Bajaj Auto Ltd, Hero MotoCorp Ltd, Godrej Consumer Products and Dabur India.

According to the reports, the main impact will come from Nigeria, where the local currency, Naira, is expected to depreciate 50% after the Nigerian central bank fixed the exchange rate at 197 to the US$ in 2015; but from 20 June, it was allowed to float freely which is expected to result in sharp depreciation versus the dollar.

Airtel's Nigerian operation company has dollar denominated finance lease obligations of US$500 million. Currency fluctuation in Nigeria will also impact Bajaj Auto Ltd, which exports about half a million two-wheelers to Nigeria alone. Meanwhile, at Hero MotoCorp, the firm may adopt a "go-slow policy" in expanding footprint in Africa and Latin American markets.

The other reported issue is that of some countries having stopped remittances in dollars, which has impacted trade even when there is demand for automobiles.

Consumer products firms are also expected to be impacted. About 15% of Godrej Consumer Products' revenue comes from the African region; For Dabur it is around 7%, while for Marico, it stands at about 1.3%.

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