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Indian stock markets open firm
Tue, 16 Aug 09:30 am

Asian stock markets have opened the day on a firm note. Stock markets in Hong Kong (up 0.1%), South Korea (up 3.9%), Japan (up 0.3%) and Malaysia (up 0.3%) are leading the gains. However, markets in China are facing selling pressure (down 0.3%). The Indian stock market have opened the day on a firm note. Stocks in the technology and consumer durable space are leading the gains.

The BSE-Sensex is trading higher by around 150 points (0.9%) and the NSE-Nifty is up by around 41 points (0.8%). Midcap and small cap stocks are trading in the green as well, with the BSE-Midcap and BSE-Small cap indices up by 0.6% and 0.7% respectively. The rupee is trading at 45.24 to the US dollar.

FMCG stocks have opened the day on a firm note with Colgate, Palmolive, Dabur India, Marico and Nestle India leading the gains. Dabur is planning to venture into the Indian aroma products market. The company plans to expand the portfolio of its existing air freshener brand Odonil by launching a range of aroma products such as traditional oil burner, potpourri, pillar candle and aromatic floating candle. Presently, Odonil is available in block and room freshener spray formats and generates a sales turnover of Rs 1,250 m. Dabur aims to increase this to Rs 1,750 m in the financial year 2011-12. As far as the new product range is concerned, the company expects to achieve a sales target of Rs 3000 m by 2015. Currently, the air fragrances market in India is estimated to be about Rs 20 bn.

Pharma stocks have opened the day on a mixed note with Dr Reddy's Lab, Cipla and Piramal Healthcare in the green. However, Biocon and Ranbaxy Lab are facing selling pressure. Biotech major Biocon, has stated that the company is facing higher salary costs even for this year. The company expects the trend to escalate further and stabilise by next year. This phenomenon is not just due to an increase in poaching by its competitors but also from IT companies. The Chairman and MD of the company said that the company cannot be immune to this kind of market dynamics and expects to increase the salary costs for the year. In the financial year 2010-11, the standalone staff costs increased by 46% while the consolidated staff costs increased by about 27%.

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Feb 22, 2018 (Close)