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Weakness grips Indian stock markets
Wed, 23 Nov 11:30 am

Indian stock markets indices have been trading in the negative after opening the day on a weak note. Barring consumer durables and realty stocks, all sectoral indices are trading weak.

The BSE-Sensex is trading down by 234 points and NSE-Nifty is trading weak by 74 points. However, BSE Mid Cap and BSE Small Cap indices are trading lower by 1% and 0.8% respectively. The rupee is trading at 52.19 to the US dollar.

FMCG stocks are trading weak led by Henkel India and Paper Products. According to a leading financial daily, a number of FMCG firms are in line to acquire Jagdale Healthcare's home grown electrolyte energy drinks business. Companies like GSK Consumer, Abbott Lab, Zydus Cadila, Wipro and Dabur are among the potential suitors. Jagdale is a Bangalore based firm and had recently appointed Mape Advisory Group to look for suitors for this business by the brand name of "ORS-L". The business is said to be valued at Rs 5 bn. It is expected to generate revenues of Rs 1 bn this fiscal.

Oil & Gas stocks are trading weak. Bharat Petroleum Corporation Limited (BPCL) and Essar Oil are the top losers. As per a financial daily, Reliance Industries (RIL) is looking at getting into new businesses. It is considering financial services, telecom and education as its new ventures. RIL's equal joint venture with US financial services provider DE Shaw is expected to start operating from January next year. For re-entering telecom space, the company has readied a Rs 150 bn war chest. It wants to lease out more than 50,000 towers and is looking for telecom equipment vendors. In education, RIL recently picked up around 40% stake in digital education company by the name of "Extramarks". A sum of Rs 5 bn has been kept aside for the education business.

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