Indian stock markets shed gains

Thu, 24 Oct 01:30 pm

   Previous Close   

   Pre-Open   

   09:30 am   

   11:30 am   

   Closing   

The Indian markets have lost their early morning gains and are trading in red during the post noon trading session. Majority of the sectoral indices are trading in green with consumer durables and capital goods being the leading gainers. Stocks from IT and healthcare are among the leading losers.

BSE-Sensex is down by 24 points and NSE-Nifty is trading down by 12 points. While BSE Mid Cap is trading up by 0.46%, BSE Small Cap index is trading up by 0.11%. The rupee is trading at 61.55 to the US dollar.

Most of the Private banks are trading in green with, Federal bank and HDFC bank leading among the pack of gainers. As per the financial daily, Yes bank has signed agreement with Australian trade commission (Austrade) to explore opportunities in agri-business sector. This also includes business development, syndicating, lending, trade financing in agri-business. Reportedly, memorandum of understanding (MoU) was signed between the heads. Further, as a part of deal, Austrade and Yes bank will jointly organize workshops in various regions of India to create awareness about the Australia’s ability in the food and agri-business segments. Austrade will also exchange information with various Indian businesses who would be interested in the international expansion opportunities. Reportedly, Nicola Watkinson, Minister Commercial and Senior Trade and Investment Commissioner (South Asia) said "This collaborative engagement with Yes Bank, is to leverage on our respective organizational strengths and contribute developing closer relationships between agri-food value chains of Australia and India." As per the agreement, Austrade and Yes Bank will share experiences from Australia which has similar climatic conditions and logistic challenges and has met these challenges to now export Aus $30.5 billion value of food each year and to some of the most demanding markets in the world like Japan and Europe.

Majority of the Food and Tobacco stocks are trading in green with, Britannia and Ruchi Soya industries leading the pack of gainers. As per the financial daily, Britannia industries is planning to sell its bakery foods subsidiary daily bread. This subsidiary was acquired four years back from gourmet retailer. Britannia under the leadership of Vinita Bali bought Daily Bread as part of a diversification plan in 2009.Daily Bread has a network of 31 stores and cafes across Bangalore, Hyderabad and Goa. It is also a leading supplier to food chains like KFC, Dominos, café coffee day and various multiplex chains. Daily bread manufactures European styled specialty breads, cakes, pastries, muffins and salads. It has three manufacturing facilities which manufacture these products. Reportedly, company intends to sell off the unit in order to focus on its core business and deliver better growth in the FMCG segment. Stock of Britannia is trading up by 5.2%.