Indian markets are trading above the dotted line during the post noon trading session. Most of the sectoral indices are trading in green with stocks from capital goods and realty sectors witnessing maximum buying interest. Stocks from consumer durables and metal sectors are among the leading losers.
Power stocks are trading mixed. CESC Ltd and PTC India are leading among gainers while, Torrent Power and GVK power are among leading losers. As per a leading financial daily, National Thermal Power Corporation (NTPC) has terminated its Rs 7 bn contract with Italian company Ansaldo to secure turbines for its gas-based plant at Dadri in Uttar Pradesh. The termination of contract comes in the backlight of Ansaldo's parent company Finmeccanica facing bribery charges in the Rs 36 bn helicopter deal with India. Reportedly, NTPC's decision of terminating the deal was taken as it wanted to stay away from the controversy of helicopter deal. The bids were invited last year and Ansaldo bid was lowest among various bidders. It is still not clear, whether the company will issue a fresh tender for the same contract or not. NTPC is trading down by 0.61%.
Majority of the food stocks are trading in the green with Golden Tobacco and VST Industries among the major gainers. However, Tata Global Beverages and Nestle are among the few stocks trading in the red. As per a leading financial daily, parent company Mondelez has renamed the iconic Cadbury eclairs as Cadbury Choclairs. The move comes on the heels of Mondelez being asked by the Intellectual Property Apellate Board to remove three of its chocolate eclair label trademarks after rival company ITC won the ruling. Although Mondelez is expected to lose on the huge brand equity of Cadbury eclairs, the company feels that the new product is an improvement with the stickiness reduced significantly. The renovated offering is also expected to enable it to differentiate itself from a clutch of eclair products launched in the market. The eclairs brand was launched by the erstwhile company Cadbury in 1971. The move to rebrand eclairs coincides with the parent company's attempt to launch its global products in India. ITC stock is currently trading down by 0.7%.