Indian Indices Open Firm

Wed, 30 Mar 09:30 am

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Barring Japan, major Asian stock markets have opened the day on a positive note with stock market in China and Hong Kong are trading higher by 1.4% and 1.3% respectively. Benchmark indices in Europe and US ended their previous session on an encouraging note. The rupee is trading at 66.55 per US$.

Indian stock markets have opened the day on a strong note. The BSE Sensex?is trading higher by 203 points (up 0.8%) and NSE Nifty?is trading higher by 60 points (up 0.8%). BSE Mid Cap and BSE Small Cap are trading higher by 0.8% and 1% respectively. Major sectoral indices have opened the day on a positive note with stocks from pharmaceutical, metal and capital goods sectors witnessing maximum buying interest.

As per an article in Livemint, Nestle India is planning to launch new dairy products in the next couple of months. This is a part of its strategy to cut its dependence on Maggi instant noodles. Reportedly, Maggi accounted for around 30% of its overall turnover in 2014.

After the maggi controversy, the brand has lost its hold in the market share. The market share that once used to be as high as 77%, currently stands at just around 42%. This is a considerable reduction, forcing the management to diversify and reduce its dependence on the noodle brand. Further, the new launches would be in the dairy, chocolate and confectionery category. As the company is taking various steps to diversify its business mix, it may take some time for the company to revamp its growth.

As per an article in Business Standard, Tata Steel is considering the sale of its entire UK business in order to stem heavy losses.

Reportedly, after a marathon board meeting in Mumbai, the company stated that the financial performance of its UK arm had deteriorated substantially in recent months. As a result, the company is now exploring all options for portfolio restructuring, including the potential divestment of Tata UK, in whole or in parts.

Company's European business has remained under pressures, owing to the UK steel crisis. Cheap imports from China and some other countries such as Russia and South Korea is putting intense pressure on the company's margins. Reportedly, according to the Times, a 400 million pound rescue deal to sell the plant to Greybull Capital is "on track".

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