After opening in the red,Indian share markets widened losses in the post-noon trading session. Barring consumer durable, all the sectoral indices are trading in the red with banking, capital goods and realty stocks being the biggest losers.
Majority of the mining stocks are trading in the red with Hindustan Zinc and National Mineral Development Corporation (NMDC) being the major losers. Only Gujarat NRE Coke and Ashapura Minechem are trading in the green. As per a leading financial daily, Coal India Ltd (CIL) is expected to earn additional revenues to the tune of Rs 21.2 bn in FY14 from revision in coal prices, as per Minister of State for Coal. In May 2014, CIL revised the prices of all grades of non-coking coal barring G1, G2 and G5 for all its eight subsidiaries. CIL is the largest coal producer with over 80% market share. However, in another development the Competition Commission of India has imposed a penalty of Rs 17.7 bn on CIL and its subsidiaries for following unfair trade practices in Fuel Supply Agreements with power producers. CIL stock is currently down by 0.5%.
Stocks of consumer durables companies are trading mixed with Symphony, Titan Company and Bajaj Electricals leading the pack of gainers while VIP Industries and Videocon Industries are trading weak. As per a leading business daily, Bajaj Electricals' management is aiming to double its exports to levels of Rs 1 bn by FY15. In FY14, it expects to clock export revenues of about Rs 500 m. The company has increased its reach to 50 countries from 33 earlier. The same however contributed to a very small portion of 1% to the overall revenues in FY13. Export revenues stood at about Rs 330 m during the year. As for the overall business, company's management is aiming to touch revenues of Rs 50 bn by FY15. In FY13, it clocked revenues of Rs 32 bn and is aiming to report a top line of about Rs 43 bn in FY14. As for the overall business, company's management is aiming to touch revenues of Rs 50 bn by FY14. In FY13, it clocked revenues of Rs 32 bn. The company will be increase turnover by improving the availability of products. The management believes that the gap between the brand recall and the product availability needs to be narrowed and this will allow higher sales and in turn better product market share.