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Indian Markets Trade Firm
Mon, 4 Jul 11:30 am

After opening the trading week on a firm note, Indian markets continue to trade strong amid positive international markets. Barring FMCG, all the sectoral indices are trading above the dotted line with oil & gas and PSU sector leading the gains.

The BSE Sensex is trading higher by 192 points and the NSE Nifty is trading higher by 56 points. The BSE Mid Cap index and the BSE Small Cap index are trading higher by 0.8% and 1.1% respectively. The rupee is trading at 67.17 to the US$.

Buying activity is witnessed across many of the food and tobacco stocks with Britannia and Godfrey Phillips leading the gains. According to a leading financial daily, ITC plans to add 6-7 boutiques of luxury chocolate brand Fabelle at its hotels over the next 15 months. The company at present sells Fabelle through a boutique at its hotel ITC Gardenia, Bengaluru.

The company is also looking at expanding offering in the instant noodles category. ITC consolidated its presence in instant noodles category with brand Yippee, post the Maggi controversy last year.

Last week, ITC had announced that it would be investing Rs 40 billion over the next 2-3 years to set up 8-9 factories across the country for manufacturing of food products.

ITC's branded packaged foods division (Subscription Required) grew by around 11% to clock a turnover of Rs 70.97 billion in 2015-16. It is to be noted that food is the second largest business for ITC after cigarettes. ITC is presently trading down by 2.3%.

Moving on to news from steel sector. According to an article in The Livemint, Tata Steel is set to 'pause' the auction of its UK steelworks amid uncertainty over the impact of Britain's decision to leave the European Union (EU). The board is yet to make a formal decision but is under less pressure to sell after a jump in steel prices, which has cut losses at the south Wales site.

As per the reports, the company will reportedly stall the auction to await the outcome of a UK government deal to cut its £14 billion pension liabilities as well as talks on EU trade deals. The UK steel industry has been hit by high energy costs, inefficient output and a flood of cheap Chinese exports.

Tata Steel reported a 12.4% decline in the topline while the bottom line was in red in 4QFY16 (Subscription Required). Tata Steel is trading up by 1.4%.

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Jun 23, 2017 (Close)

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