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IT & banking in favour
Fri, 22 Aug 01:30 pm

Indian share markets pared early gains but continued to trade above the dotted line in the post-noon trading session. Most of the sectoral indices are trading in the red with realty and FMCG stocks being the biggest losers. IT and banking are among the few stocks trading positive today.

BSE-Sensex is up 34 points and NSE-Nifty is trading 10 points up. While BSE Mid Cap is trading up marginally, BSE Small Cap index is trading down slightly. The rupee is trading at 60.41 to the US dollar.

Most of the food & tobacco stocks are trading in the red with United Spirits and Sterling Biotech being the biggest losers. Britannia and Godfrey Phillips are among the few stocks trading in the green. As per a leading financial daily, GlaxoSmithKline Consumer Healthcare (GSKCH) is contemplating to set up a large manufacturing facility in southern Andhra Pradesh at an investment of Rs 10 bn. The company plans to manufacture Foodles instant noodles, biscuits and oats under the Horlicks brand apart from health food drinks at the manufacturing plant. Reportedly the company would also be utilizing the greenfield facility to cater to the export markets. GSKCH stock is trading up by 0.4%.

Automobiles stocks are trading on a mixed note today. While Mahindra & Mahindra and Tata Motors are trading on a positive note, Escorts is leading the pack of losers. As per a leading business daily Tata Motors, which is keen to establish itself as a global manufacturer, has been hit by quality related issues of its products. The company plans to redeem its image with the assistance of UK luxury car maker Jaguar and Land Rover (JLR). Tata Motor has approved to develop two global sports utility vehicles (SUVs) with aid from JLR. The two cars are expected to be introduced in 2017 and will be positioned in a premium category having a price range of Rs 16 to Rs 25 lakhs in India. It may be noted that Tata Motors has been exploring synergies with JLR for sharing platforms. But that had been rendered unviable due to costs and positioning problems. However, this move seems that Tata Motors has made sufficient development to optimize and share infrastructure.

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