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Indian equity markets off day's highs
Fri, 13 Jul 11:30 am

Indian equity markets shed some initial gains but were still trading in the green during the last two hours of trade. All sectoral indices were trading firm led by banking and IT stocks.

The BSE-Sensex is up by 70 points and NSE-Nifty is up by 21 points. BSE Mid Cap and BSE Small Cap indices are trading higher by 0.5% and 0.7% respectively. The rupee is trading at 55.62 to the US dollar.

Auto stocks are trading on a firm note with Tube Investments and TVS Motors leading the pack of gainers. As per a leading financial daily, Ashok Leyland Defence Systems Limited (ALDS) an associate of Ashok Leyland is looking for a technical partner to strengthen its defence business. We may note here that India's defence sector is looking at greater participation from private players. Through ALDS, Ashok Leyland's focus now lies on the defence segment. The company stands comfortable to provide tactical and armoured solutions to address our country's defence requirements. ALDS is expanding its range of offerings with the upgraded version of the Stallion range of logistics solutions. A new range by the name of Super Stallion is also going to be introduced soon.

Food stocks are trading strong led by Wadala Commodities and Ruchi Soya Industries. According to a leading financial daily, Britannia Industries is looking at rolling out new range of breads. These would include multi-fibre, multi-grain, whole wheat and honey oats. The foods company is looking at expanding its presence in the Indian healthy food market which is worth Rs 55 bn. This market is growing at a rate of 15% per annum. It recently launched vitamin enriched breads in north India which is the largest bread market in the country. India's total bread market stands at Rs 13 bn of which Britannia claims to have 50% market share.

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