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Indian markets continue to trail lower
Thu, 20 Feb 01:30 pm

Indian equity markets continued to trail in the negative territory during the post noon session. Selling pressure was witnessed in the banking and metals stocks, however stocks from realty space are finding favor.

The BSE Sensex is trading down 107 points and the NSE Nifty is trading down 37 points. The BSE Mid Cap index is trading up 0.2% and the BSE Small Cap index is trading flat. The rupee is trading at 62.28 to the US dollar.

As per a leading business daily, tobacco to hospitality major ITC plans to foray into non-carbonated drinks and dairy products during the next fiscal in order to expand its array of food products and establish itself as one of India's largest food companies. The company has been making plans for developing products in categories like juices, tea and coffee in the non-carbonated beverages space and dairy products that include packaged milk, butter and ghee. This would necessitate ITC to take on market leaders like Nestle, HUL, AMUL, Dabur India and PepsiCo. ITC intends to position itself with these products on the health platform and it expects to quadruple contribution from health foods to its total food business in 3 to 4 years from current 5% levels. The stock of ITC is trading lower by 0.4%.

Barring Bajaj Auto almost all the automobile stocks are trading on a negative note. Losses are being led by Force Motors and M&M. As per a leading financial daily, Bajaj Auto plans to compound on its partnership with Kawasaki and KTM to augment its export of bikes to fuel growth. The company is already India's top exporter of bikes and three wheelers. In fact, it has well established itself in the markets like Africa. However, it believes to not have addressed broad markets like ASEAN and Brazil, which are believed to have very large motorcycle markets along with the developed markets of the US, Europe and Japan. The company has marketing agreement with Kawasaki through which it plans to sell bikes to ASEAN and Brazil markets and also cater to the Philippines and Indonesian markets where it does not have its own network. Through KTM where the company has its 48% holdings, it plans to supply motorcycles to the developed markets. It may be noted that the company has weathered many storms on account of weak Indian markets thanks to its higher share of export revenues.

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