Due to weakness in midcap and small cap stocks, Indian share markets slipped further but continued to remain well above the dotted line in the post noon trading session. Majority of the sectoral indices are trading negative with realty, power and consumer durables stocks being the biggest losers. FMCG, pharma and IT are the only stocks trading positive.
Most of the textile stocks are trading in red with Pioneer Embroiders and Bombay Dyeing being the biggest losers. According to a leading financial daily, the FMCG arm of textile company Raymonds is planning to launch more products in the male grooming segment. Raymond already has bath soaps, shaving products and after-shave lotions under the Park Avenue brand and recently entered the shampoo segment with the launch of shampoo for men. The company through its J K Helen Curtis arm is contemplating further extensions in the male hair care market. Reportedly, Park Avenue is the key contributor in the overall revenues of J K Helen Curtis. Raymond stock is down 0.4%.
Most of the food stocks are trading in red with Sterling Biotech and Tata Global Beverages, being the biggest losers. As per a leading financial daily, competition is heating up in the infant food products market. Nestle is the market leader in the baby foods category as its products are widely recommended by doctors. As baby food products cannot be advertised in India, the same are promoted at the point of sale. Danone, which has recently acquired Wockhardt's baby nutrition portfolio, is focusing on local manufacturing to launch new variants in India. Even Gujarat Co-operative Milk Marketing Federation (GCMMF) that owns the AMUL brand is aggressively pushing infant food product Amulspray through retail channels. Nestle stock is marginally down.