After opening firm Indian Indices have been witnessing volatility in the last two hours of trade. Amongst sectoral indices Metal and IT are witnessing buying interest. However, Consumer Durables and Banking are facing maximum selling pressure.
Banking stocks are trading mixed today. Lakshmi Vilas Bank and Karnataka Bank are leading the gainers; while Indusind Bank and Axis Bank are leading the losers. According to a leading business daily; YES Bank will raise US$ 125 m from the International Finance Corporation (IFC) - a member of the World Bank Group. The funds will be utilized to increase the bank's exposure to the small and medium enterprise (SME) segment. The bank also plans to increase its retail franchise using the funding. The funds will include a 5-7 years senior loan of US$60 m from IFC's own accounts and a syndicated loan of US$65 m. IFC also stated that the credit line extended to YES Bank will enable the latter to use its network and execution capabilities to serve the high-priority customers; which IFC could not do on its own. Also, the bank is working with IFC to expand its direct farmer lending (priority sector lending). It is to be noted that in the last five years, the bank's loan book has grown at a CAGR of 38%. Yes Bank is trading flat today.
Food and Tobacco stocks are trading mixed today. Nestle and Tata Global Beverages are among the stocks leading the gainers while United Spirits and GSK Consumer are among the stocks leading the losers. According to leading business daily India's leading FMCG firm ITC has won a long standing legal dispute against Cadbury, regarding the use of the trademark for the 'Chocolate Eclairs' brand. The Intellectual Property Appellate Board (IPAB) while delivering its verdict has ordered the removal of three trademarks of Cadbury Eclairs. The dispute which is a decade old pertains to three trademarks which Cadbury has maintained since 1974 but were not used by the company since 1994. The non-usage of these trademarks has resulted in the loss of the same for Cadbury. As per this verdict, ITC which had marketed Eclairs as part of its 'Candyman' brand earlier can now use the trademarks again. ITC had won similar trademark disputes against Bata and Kellogg's earlier. ITC is trading flat today.