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Indian stock markets remain weak
Thu, 29 Dec 01:30 pm

Indian stock markets remained weak in the last two trading hours. Majority of the sectoral indices are trading in the negative with Oil and gas, power and Capital goods leading the pack of losers.

The BSE-Sensex is trading down 43 points and NSE-Nifty is trading down 17 points. BSE Mid Cap is trading up by 0.07% whereas BSE Small Cap index is down 0.19%. The rupee is trading at 53.4 to the US dollar.

FMCG stocks are mostly trading negative with Dabur and Emami leading the losers. As per a leading financial daily, the largest & unlisted subsidiary of Procter & Gamble (P&G), P&G Home Products (PGHP) recorded a huge loss of Rs 3.3 bn in FY11. According to the regulatory filing, the company that markets Tide detergent, Pantene shampoo and Olay skin care products slipped into red the second time since 2005 despite a 31% growth in sales. Apart from high input costs and intense competition, PGHP spent a substantial 37% of its sales on selling and distribution to increase its market share. Its rival, Hindustan Unilever's (HUL) share of spends on advertisement & promotions is half at 14% of sales. HUL's profits remained flat on 11% sales growth in FY11. The listed subsidiary of P&G, Procter & Gamble Hygiene & Healthcare saw its profits fall by 16% in FY11 due to higher excise outgo.

Energy stocks are mostly trading weak. Bharat Petroleum Corporation Ltd. (BPCL) and Cairn India are the biggest losers. As per a leading financial daily, Hindustan Petroleum Corporation Limited's (HPCL) new refinery project in Ratnagiri, Maharashtra may get some fillip as the state Government benchmarks the benefits offered to greenfield refinery projects in other states and gets back to the company with a new benefit package. The company plans to build a greenfield refinery project at Ratnagiri, Maharashtra with a capacity of 9 MTPA - 15 MTPA (million tonnes per annum). While the company has already identified 3,000 acres of land for the project, the project is yet to start. The company has been seeking a tax holiday and government's approval for land acquisition.

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