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Consumer durable stocks shine
Mon, 19 Jan 01:30 pm

Indian share markets continued to trade firm in the post-noon trading session. All the sectoral indices are trading in the green. Consumer durable & oil & gas stocks are the biggest gainers today.

BSE-Sensex is up 178 points and NSE-Nifty is trading 45 points up. BSE Mid Cap is trading 0.7% up and BSE Small Cap index is trading up by 0.9%. The rupee is trading at 61.68 to the US dollar.

Paint stocks are trading mixed with Jensen & Nicholson & Kansai Nerolac trading firm whereas Asian Paints and Asahi Songwon are trading in red. As per a leading financial daily, Asian Paints is all geared up to set up a manufacturing facility at Vishakhapatnam in Andhra Pradesh. The Andhra Pradesh government recently cleared the administrative hurdles such as land allotment, environmental and other clearances in setting up the facility. The plant is being set up at a cost of Rs 17 bn. Asian Paints stock is currently trading down by 0.7%.

Most of the private banking stocks are trading in the green led by Karnataka Bank and South Indian Bank. As per Reserve bank of India, the number of subscribers using mobile banking increased by 58% to 35.5 m in FY14. This is quite low as compared to the high mobile density of over 900 m subscribers in the country. As per RBI estimates, the incentive to switch to mobile banking exists for both customers and banks as mobile banking costs 2% of branch banking, 10% of ATM banking and 50% of internet banking. In terms of value of transactions, private banks such as ICICI bank and HDFC Bank are leaders in the mobile banking space. However, SBI dominates in terms of numbers with 12.5 m of its customers transacting on the mobile in 2014 as compared to 8.6 m customers in 2013. According to the Finance Ministry, the government's flagship Jan Dhan Yojana is likely to boost the number of mobile phone consumers in future.

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