Indian stock market
indices slipped marginally into the red after opening the day on a firm note. The technology heavyweights dragged the markets below the dotted line. However stocks in the Consumer Durables space are witnessing buying interest.
The BSE-Sensex is down by 20 points and NSE-Nifty is down by 8 points at the moment. However, the BSE-Midcap and BSE-Small cap indices are up by 0.43% and 0.87% respectively. The rupee is trading at 45.33 to the US dollar.
FMCG stocks are trading mixed with Godrej Consumer and Colgate in the green. However, Emami and Archies are trading weak. As per a leading financial daily, FMCG major, Hindustan Unilever (HUL), has lost a trademark case for a 127 year old soap called Sunlight. It may be recalled that, HUL had earlier filed for a case against the Thai Group which is the parent company of Ashique Chemicals and Aghin Chemicals that manufacture detergent SunPlus. HUL had taken them to the court stating that the Sun, Sunlight and Sunsilk are its registered trademarks. The Bombay High Court has dismissed HUL's interim application. It has stated that the registered brand "Sun" had been registered 60 years ago by HUL but had not been used so far. It may be noted here that Sunlight's all India share is less than 2-3% but it has a wide presence in Kerala and West Bengal. In wake of focusing on regional business, HUL has been closely following the brand's performance in these markets.
Metal Stocks are trading in the green. Jindal steel and power ltd and Sterlite industries ltd are the biggest gainers. Meanwhile, India's largest steel manufacturer Steel Authority of India (SAIL) is continuing with its plan of securing mineral reserves in Indonesia even in the middle of highly uncertain regulatory environment. The Indonesian government had announced a move to align mineral exports from Indonesia to global benchmark prices. This was done to address the concern that the nation was losing its mineral wealth to other countries at cheaper prices. This made it difficult to source raw materials from Indonesia. As a result, SAIL plans to set up a steel plant having a capacity of 3 m ton per annum (mtpa) in Indonesia. The strategy is to set up steel plants in mineral rich nations in return of direct allocation of iron ore, coking and thermal coal mines and import surplus mineral production back home. The company plans to invest around Rs 135 bn for the project.