Indian share markets slipped deeper in the red in the post-noon trading session. Majority of the sectoral indices are trading in the red with realty, metal and banking stocks being the biggest losers. Capital goods, auto and pharma are the only stocks trading in the green.
Majority of the private bank stocks are trading in the red with Axis bank and Federal bank being among the major losers whereas ING Vyasya Bank and J&K bank are among the few stocks trading in the green. As per a leading financial daily, The Indian Banking Association (IBA) has demanded a ceiling of five free transactions at ATMs even in case of customers using their own bank's ATM. In addition, IBA wants RBI to increase the fee from Rs 15 to Rs 18 after five free transactions including own bank ATMs. The demand comes in the wake of higher maintenance costs for banks with a sharp jump in the number of ATMs that presently stand at 1.4 lakh. This has led to a fall in per ATM transactions to below 100 a day. IBA has said that all bank branches will have on-site ATMs by March 2014.
Most of the food stocks are trading in the red with Golden Tobacco and United Spirits being among major losers. Nestle and Tata Coffee are among the few stocks trading in the green. As per a financial daily, Vinita Bali the present managing director of Britannia will be succeeded by Varun Berry the company's present chief operating officer. Vinita Bali had joined the company as chief executive in 2005 and is set to leave the company in March 2014, two years before her contract expires. It would be worth mentioning here that the company had earlier announced an organizational re-structuring under which the managing director Vinita Bali was to look after international business and new business development. On the other hand, Chief Operating Officer Varun Berry was to lead the domestic business operations. Varun Berry has earlier headed Pepsico Foods India as Chief Operating Officer. Britannia stock is currently trading down marginally.