A dull end to the day

Tue, 24 Nov Closing

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The Indian stock markets had yet another volatile trading session today. While the morning session saw the indices struggling to stay afloat, the afternoon session was marked by selling pressure that kept the indices in the red. The BSE-Sensex closed lower by about 44 points, while the NSE-Nifty ended lower by about 18 points. Losses were largely seen in capital goods and auto stocks. The S&P BSE Midcap index and the S&P BSE Smallcap index bucked the trend and closed higher by 0.1% and 0.3% respectively.

Asian markets finished mixed as of the most recent closing prices. The Nikkei 225 gained 0.23% and the Shanghai Composite rose 0.16%. The Hang Seng lost 0.35%. European markets are lower today with shares in France down the most. The CAC 40 is down 1.13%, while London's FTSE 100 is down 0.81% and Germany's DAX is lower by 0.90%. The rupee was trading at 66.39 against the US$ in the afternoon session.

According to leading financial daily, Berger Paints India and Nippon Paint Automotive Coatings, Japan (NPAU), together with Nippon Paints (India) (NPI) have entered into definitive agreements to transfer certain business including three wheeler and four wheeler (passenger cars and SUV) paint business of Berger and four wheeler (other than commercial vehicles, auto parts and ancillaries) paint business of NPI to BNB Coatings India (BNB) at agreed values. The transferred businesses may include transfer of electro coat business also. The understanding is subject to the parties entering into definitive agreements as regards values and other terms and conditions, after due diligence.

BNB Coatings India is a joint venture company where NPAU holds 51% and Berger holds 49% of paid-up capital. BNB is mainly engaged in the business of coatings for plastic substrate of automobiles. The scrip of Berger paints finished the trading day on a negative note (down 1%) on the BSE.

The Indian paint industry has been growing at an encouraging pace since some time; however, the last few quarters seem to be quiet poor ones. Three paint companies - Asian Paints, Kansai Nerolac, and Berger Paints - dominate three-fourths of the Indian paint market. The stocks of Berger Paints and Asian Paints have moved in tandem during the past year. Asian Paints has the highest market share and is the leading player in the decorative segment, and the latter two have strong presence in the industrial segment. In our recent edition of '5 Minute WrapUp', we have analyzed the operating performance of paint companies and whether they deserve such lofty valuations.

FMCG stocks finished on a mixed note. Hinudstan Unilever and Godrej Consumer led the pack of gainers, while Colgate and Emami Ltd witnessed maximum selling pressure. Britannia Industries is reportedly targeting to garner a topline of Rs 200 bn within 5-6 years. The company is all set to finalize its plans to expand in dairy segment in the next six months besides introducing new variants of its value segment biscuit brand Tiger. About 75% of the company's turnover comes from the biscuit category.

Moreover, in the next two years and beyond, the company is also reportedly planning to expand into ready-to-eat, ready-to-cook and drinks category in a phased manner. Britannia, one of the India's biggest brands of the country, has a market share of over 33%. The company is expanding its customer base by launching new products and renovating existing ones.

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