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Indian share markets open in red
Fri, 5 Oct 09:30 am

Most major Asian equity markets have opened the day on a firm note with stock markets in Indonesia (up 0.9%) and Japan (up 0.4%) leading the pack of gainers in the region. The Indian share market indices have opened the day on a weak note. Stocks in the pharma and software space are leading the losses. However, auto and capital goods stocks are trading strong.

The Sensex today is down by around 27 points (0.1%), while the NSE-Nifty is trading flat (0.0%). Mid and small cap stocks are however trading in the green with the BSE Mid Cap and BSE Small Cap indices up by around 0.3% and 0.2% respectively. The rupee is trading at Rs 51.62 to the US dollar.

FMCG stocks have opened the day on a mixed note with Pidilite Industries and Hindustan Unilever Ltd (HUL), leading the gains. However, Archies Ltd and Gillette India were trading weak. As per a leading financial daily, Colgate Palmolive's India's market share stands at 54.5%, its highest since 1998 at the end of first half of calendar year 2012. This is mainly attributed to aggressive marketing. The company had reported a huge 32% YoY jump in advertising expenses in the first quarter of fiscal year 2013 (1QFY13) over a year ago along with launch of new variants across consumer segments. The biggest threat to Colgate in India is from Hindustan Unilever Ltd (HUL) with its brands Close-up and Pepsodent. It is important to note here that Colgate's oral care segment accounts for over 80 % of its total sales.

Power stocks have opened the day on a mixed note with India Bulls Power and Tata Power leading the gains. However, Adani Power was trading weak. As per a leading financial daily, Tata Power is looking for more overseas coal assets, as domestic supplies continue to fall. The management has said that the company is looking at the other geographies including options such as the U.S., Colombia and Africa pointing to logistics, cost and sustainability of contracts. It is important to note here that a change in Indonesia's mineral export rules has pushed up the cost of coal for Indian buyers. Indian buyers source 70 % of their coal imports from the Southeast Asian nation. The higher costs make about 9,000 megawatts of imported coal-based projects in the country economically unviable. This includes Tata's 4,000 MW Gujarat plant. Tata Power, which has stakes in four Indonesian mines, does not plan to acquire more mines in that country.

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