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IT & technology survive carnage
Tue, 27 Aug 01:30 pm

As a result of continuous slide in the rupee coupled with weak Asian cues, Indian share markets continued the free fall in the post-noon trading session. Barring IT & technology stocks all the sectoral indices are trading in the red with banking, capital goods and FMCG stocks being the biggest losers.

BSE-Sensex is down 577 points and NSE-Nifty is trading down by about 179 points. BSE Mid Cap is trading down 1.7% and BSE Small Cap index is trading down by 1.1%. The rupee is trading at 65.6 to the US dollar.

Majority of the food stocks are trading in the red, with ITC and United Spirits being the major losers. Godfrey Philips and Sterling Biotech are among the few stocks trading in the green. As per a leading financial daily, the Intellectual Property Appellate Board (IPAB) has rejected Britannia's offer to trademark its Snax biscuit brand. As per IPAB, the trademark Snax sounds similar to the word Snacks which means light food and since the trademark has a direct reference to the quality of goods it cannot be granted. It may be noted that Britannia had won a legal victory against Pepsico for the use of the ‘Britannia Snax' trademark in 2009. However, it has failed to get a trademark for just the ‘Snax' name. This adverse ruling has come at a time when Britannia has been facing stiff competition from companies such as Parle, ITC, Cadbury Kraft and United Biscuits. Britannia stock is currently trading down by 2.5%.

Most of the automobile stocks are trading in red, with Maruti Suzuki and Mahindra and Mahindra (M&M) among the leading losers. As per a leading financial, M&M will be ramping up its capacity for two wheelers segment. The expansion will be for the plant as well as across vendors and logistics. This will be particularly for its recently launched motorcycle 'Centour'.  The company has received over 30,000 bookings since its launch in the last month. The company is increasing its production capacity at its Pithampur plant in order to meet the growing demand for its Centuro motorcycle. This will help in reducing the waiting time period for the vehicle.  M&M was trading down by 2.5%.

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