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Banks, engg. stocks taken to cleaners
Mon, 19 Dec Closing

Mirroring a dismal performance across Asian markets, the indices in Indian stock market languished in the red throughout the session today. Reports on slowing growth prospects and threats to the asset quality of the banking sector did not help sentiments. Although the BSE-Sensex recovered from the day's lows, it closed lower by around 112 points (down 0.7%). The NSE-Nifty closed lower by around 38 points (down 0.8%). The smaller indices saw a worse performance today. The BSE Mid Cap and BSE Small Cap indices also lost around 1.9% and 2.5% respectively. Stocks from the engineering and banking sectors space were the top losers. However FMCG and oil and gas stocks managed to find some buyers.

As regards global markets, other Asian indices closed in the red today while the European indices have opened in the green. The rupee was trading at Rs 52.95 to the dollar at the time of writing.

India's leading IT services company Tata Consultancy Services (TCS) plans to expand its operations in the state of Maharashtra by building a new software development campus in Nagpur. The new facility with be at an investment of Rs 6 bn in the first phase. The campus will house 16,000 associates in the facility. It will also have customer collaboration centers, cafeterias, gymnasiums and outdoor sports facilities to offer a holistic environment to knowledge professionals.

TCS added around 12,580 employees (on a net basis) during the September quarter. The total employee base now stands at around 214,770 on consolidated basis. The attrition came down to 13.7% during 2QFY12. This is lower than the 14.8% seen during the previous quarter (ending June 2011). The company has maintained its guidance for employee addition target of 60,000 in the current financial year. TCS enjoyed a high employee utilization rate of 83.1% (excluding trainees) during 2QFY12. Going forward, the management expects that it will continue to have utilization (excluding trainee) levels in the range of 82%-84%.

FMCG player Dabur India has entered into the professional grooming products market with its 'Fem' brand, looking to grab about 5-10% share of the professional grooming market in two years. In this regard, the company has created a salesforce of 200 people and is in process of placing the products in around 30,000 parlours across the country. The company has introduced a range of facial kits - Fem Gold Professional Facial Kit and Fem Queen's Pearl Professional Facial Kit -- which it will sell only through beauticians in parlours and salons. Apart from the two products, the firm is also eying to expand the portfolio with plans to launch body bleach under Fem brand. In 2008, Dabur had acquired Fem Care Pharma for around Rs 2.5 bn. Since then, the company has been revamping and expanding Fem Care range of products.

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Feb 22, 2018 (Close)