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Indian stock markets down on Asian cues
Mon, 19 Sep 09:30 am

Asian stock markets have opened the day on a weak note. Stock markets in Hong Kong (down 2.2%), China (down 1.4%), Indonesia (down 1.2%) and Taiwan (down 1.1%) are leading the pack of losers. The Indian stock market have opened the day on a weak note as well. Capital goods, metal and banking stocks are leading the losses.

The BSE-Sensex is trading lower by around 134 points (0.8%), the NSE-Nifty is down by around 41 points (0.8%). The midcap and smallcap stocks are in the negative as well with both the BSE Mid Cap and BSE Small Cap indices down by 0.2% and 0.1% respectively. The rupee is trading at 47.7 to the US dollar.

FMCG stocks have opened the day on a mixed note with Marico Ltd and P&G Hygiene and Emami Ltd trading in the green. However, Hindustan Unilever Ltd (HUL) and Gillette India are facing selling pressure. Consumer goods major Marico is expecting its beauty and wellness arm Kaya to achieve Rs 5 bn in revenues in the next 3-4 years. It is also expecting the same to attain a break-even within the next 24 months. Kaya had registered a loss of Rs 23 m against revenue of Rs 2.4 bn during the financial year 2010-11. According to Kaya's Chief Executive Officer Mr Ajay Pahwa, the company is set to grow its revenues by 15% YoY in the current financial year 2011-12. Kaya Skin Clinic which started operations in December, 2002, today comprises 82 clinics across 26 cities in the country, besides 17 in the Middle East, two in Bangladesh and four clinics and medispas in Singapore and Malaysia that are operated by its Singaporean subsidiary, Derma Rx.

Engineering stocks have opened the day on a weak note with Bharat Heavy Electricals Ltd. (BHEL), Larsen & Toubro (L&T), Siemens and Punj Lloyd trading in the red. BHEL recently lost the best bidder status in a supposedly prestigious tender of National Thermal Power Corporation (NTPC). The NTPC order for the supply of turbine-generator has been won by BGR Energy. However, in its defense, BHEL said that it is not desperate for orders at un-remunerative prices. Similar was the case when BHEL lost the order as South Korean Doosan turned out to be the lowest bidder for the supply of boilers to NTPC. In the past, BHEL's bids were extremely aggressive. Out of sixteen orders for 500 MW boilers placed between 1979 and 2000, twelve went to BHEL. The other four were on bilateral credit and, therefore, went to other players. Currently, BHEL has an order book of Rs 1.6 trillion.

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