Last Updated :
13 May 2009 at 14:25 IST
FMCGs in red, as markets remain range bound
Commodity Online
MUMBAI: Across the board weakness was also witnessed in FMCG sector, as major FMCG stocks traded with marginal losses.
Sectoral index, BSE FMCG was trading at 2071 down by close to 1%. Benchmark index, Sensex was trading at 12104 with marginal loss of 0.5%.
Majors like, Godrej Consumer Products Ltd was down by 0.35% at Rs.141.5, ITC Ltd was trading at 189.45 down by over 1%. Hindustan Unilever Ltd (HUL) was trading at Rs.223.35 with loss of over 1%.
HUL has reported growth of 5.1% YoY in its revenues at Rs.40.4 bn for Q5 FY09. Company’s adjusted net profits increased 32.7% YoY to Rs.5 bn.
Reports have suggested that foodgrain production is estimated to rise for 2008-09 at 229.85 million tonnes as against 227.32 million tones estimated last year, although, shortfall is expected in the output of wheat, edible oil, sugarcane, pulses and coarse cereals.
As result, the FMCG companies feel wary of prices of raw materials. Considering a possible fall in the foodgrain production, the prices may rise in coming days. Wheat output is estimated to be lower by about 85 lakh tonnes.
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