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Profit booking wipe out opening gains
Wed, 22 Jun 11:30 am

Indian stock market lost their opening gains and are trading flat on the back of profit booking in heavy weights over the last two hours of trade. Stocks from the capital goods and banking space are trading firm, while stocks from the consumer durables and realty space are trading weak.

The BSE-Sensex and NSE-Nifty are both trading flat. BSE Midcap index is down by 0.2% while the BSE Smallcap index is trading 0.1% below yesterday's closing. The rupee is trading at 44.80 to the US dollar.

FMCG stocks are trading weak led by Dabur and Hindustan Unilever Limited. As per a leading financial daily, Godrej Consumer Products Limited (GCPL) expects a fivefold jump in sales in Africa in the next two years. This means that the company expects sales from Africa to reach Rs 10 bn in the next 24 months. This boost will be provided by the company's latest acquisition Darling Group Holdings. Darling Group with sales of US$ 200 m is the market leader in hair extension products across Africa. In the last 5 years, the company has been growing at 15% annually. The firm has operation in 14 countries across Africa with two extension brands 'Darling' and 'Amigos'.

It may be recalled that GCPL had said it will acquire 51% stake in Darling Group in a phased manner in the next 24 to 30 months. Last fiscal, GCPL had net revenue of Rs 24.4 bn and net profit of Rs 4.3 bn.

Energy stocks are trading mixed with MRPL and GAIL trading firm while Gujarat State Petronet and Essar Oil are trading weak. As per a leading financial daily, GAIL (India) is looking to expand in the city gas distribution network and related pipeline infrastructure. To achieve this, the company is looking at tie-ups with various government entities. It may be noted that GAIL has already tied up with state entities in Karnataka and Kerala. The company is now looking to tie-up with government entities in other states including Rajasthan, Maharashtra, Andhra Pradesh, West Bengal, Orissa, and Tamil Nadu. GAIL recently has been facing competition from new players. In fact the company has recently lost a few CGD and pipeline projects. As per a company spokesperson, GAIL is forging ties with state government entities as it will give the company an edge over its competition. Moreover, the association with state government entities will give GAIL a commitment of off-take.

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