As part of its plans for the island nation, the company is in the process of setting up a manufacturing facility which is expected to start production by the end of this fiscal
FMCG firm Dabur India today said it has formed a new entity, Dabur Lanka Pvt Ltd, as part of a strategy to strengthen its presence in Sri Lanka.
In a filing to the Bombay Stock Exchange (BSE), Dabur said Dabur Lanka has been incorporated under its wholly-owned subsidiary, Dabur International, which manages the company's overseas operations. "Accordingly, Dabur Lanka Pvt Ltd has become the company's step-down subsidiary company," Dabur India said.
As part of its plans for the island nation, Dabur is in the process of setting up a manufacturing facility which is expected to start production by the end of this fiscal. According to company officials, Dabur currently does not have a significant presence in Sri Lanka.
However, it has identified the country as one of its focus markets in the coming years.
Around 22% of the company's sales come from international markets, including African nations, Nepal and Bangladesh.
Dabur India closed at Rs104 per share (1.22% up from its previous close of Rs102.75), while the benchmark BSE Sensex ended 132.27 points down at 16,857.91 from the previous close of 16,990.18.
Nifty may to go up to 5,300, if current low holds
Today, the Nifty slipped on a much higher volume than yesterday, to make a new closing low. However, we expect this to be an end in the current slide provided the Nifty holds on to today's low. We can expect an upmove to happen till the level of 5,300 on the Nifty.
Continuing its decline for the sixth straight day on global worries, the market opened lower this morning. The lower opening in the Asian markets also weighed on investor sentiment. The Nifty tumbled 171 points to open trade at 4,948 and the Sensex gave up 472 points at the opening bell to resume trade at 16,518.
The indices fell further in initial trade to their intra-day low. At the day's lows, the Nifty tanked 173 points at 4,946 and the Sensex to 16,432, a cut of 558 points over its previous close. However, the market staged a short recovery on positive US stock futures, pushing into the green in noon trade.
The buying helped the market climb to the day's high, with the Nifty touching 5,167 and the Sensex going up to 17,135. Pressure on US stock futures resulted in the indices moving down, and pulling the domestic market lower again. At the close, the Nifty finished at 5,073, down 46 points, and the Sensex at 16,858, a loss of 132 points.
The advance-decline ratio on the National Stock Exchange (NSE) was 389:1397.
The broader indices underperformed the Sensex as the BSE Mid-cap index declined 1.27% and the BSE Small-cap index tumbled 2.05%.
The sectoral space had two gainers-BSE Fast Moving Consumer Goods (up 1.36%) and BSE Auto (up 0.48%). BSE IT (down 3.47%), BSE TECk (down 2.74%), BSE Metal (down 2.73%), BSE Healthcare (down 2.47%) and BSE Oil & Gas (down 1.17%) topped the losers' list.
Mahindra & Mahindra (up 4.29%), DLF (up 2.48%), ITC (up 2.44%), HDFC (up 2.02%) and Jaiprakash Associates (up 1.99%) were the best performers on the Sensex. Tata Steel (down 4.87%), Tata Motors (down 4.33%), TCS (down 4.16%), Infosys (down 3.68%) and Cipla (down 3.41%) were the major losers on the index.
The key gainers on the Nifty were M&M (up 4.72%), Ambuja Cement (up 3.28%), DLF (up 3.27%), Grasim (up 3.17%) and JP Associates (up 2.74%). The laggards of the index were Reliance Power (down 6.84%), Reliance Infrastructure (down 6.31%), Reliance Communications (down 5.12%), Tata Steel (down 4.54%) and Dr Reddy's (down 4.32%).
The Asian pack settled lower for yet another day. The overall impact of the slowdown in the US, debt concerns in Eurozone nations and fresh news of higher Chinese consumer inflation in July kept investors on the sidelines. Market participants, the world over, now await the Federal Open Market Committee meeting later today, for any signs of a new stimulus package to prop up the US economy.
Meanwhile, China's industrial production rose 14% in July from a year earlier, but slower than June's 15.1% gain. Also, annual inflation inched up to 6.5% last month, its highest mark since June 2008, beating economists' forecast of 6.3%.
The Shanghai Composite shed 0.03%, the Hang Seng dived 5.66%, the Jakarta Composite tumbled 2.99%, the KLSE Composite tanked 1.66%, the Nikkei declined 1.68%, the Seoul Composite sank 3.64% and the Taiwan Weighted fell 0.79%.
Back home, foreign institutional investors were net sellers of equities worth Rs1,385.78 crore on Monday. Offsetting the sales, domestic institutional investors were net buyers of stocks worth Rs1,320.38 crore.
Chettinad Cement Corporation has received the approval from its board of directors for setting up of a cement grinding unit with a capacity of 2 million tonnes per annum in the Solapur district of Maharashtra. The stock fell 1.30% to close at Rs430.50 on the NSE.
Telecom and electrical power cables manufacturer Finolex Cables is in talks with Indian and Chinese companies to sell stake in its proposed 1,000MW thermal power plant at Ratnagiri in Maharashtra. The company is looking for a joint venture partner for the power project. Finolex holds 1,000 acres in Ratnagiri and it has already received several of the necessary clearances to set up the power plant and now it plans to apply for permission to hold a public hearing. The stock tanked 3.92% at Rs39.20 on the NSE.
Everonn Education is planning to pump in nearly Rs150 crore in the current fiscal in iSchool and Instructional and Communication Technology (ICTs). The iSchool model is an initiative of the company which makes learning interactive by combining the orthodox learning system with digitised tools. Despite the decline in the market today, the stock rose 3.60% to Rs532 on the NSE.
For the Internet search company, this is more advertising revenue in the auto segment, which grew by 150% in 2010
Indian auto buyers are increasingly relying on the Internet to help them make their auto purchase decisions, which has resulted in the auto vertical growing faster than the hitherto more-frequented travel, consumer electronics and finance verticals.
According to a report by Google India on the auto sector in the country today, Indian consumers have gone ahead of the US and Europe in using the Internet. While only 62% of would-be vehicle owners in the developed countries did their preliminary search on the Internet, in India it was around 65%, this despite the fact that only around 10% of Indians actually use the Internet.
The auto vertical on Google Search has registered tremendous growth in online searches by 110% in 2009 and 84% in 2010 on Google Search. The fast growth has continued this year, with the auto category showing a 72% increase in searches in the first six months of 2011 over the same period last year.
For Google, this is more advertising and more revenue. Rajan Anandan, vice-president and managing director of Google India, said, "In the last two years, we've seen great traction amongst the players in the auto vertical as they continue to embrace digital advertising to engage car and bike shoppers online. We have seen over 150% growth in revenues from the auto sector in 2010 and we expect the share of auto advertising spends on digital to grow significantly in the next few years."
The report which is a compilation of consumer search behaviour specifically in the auto category (cars and bikes) in 2009 and 2010, reveals that 49% of all auto-related queries on Google were vehicle shopping queries.
Entry and mid-segment cars in the price range of (Rs2 lakh to Rs6 lakh) were en the most searched. Diesel cars, which are big in demand, registered triple-digit growth in 2010. Search queries for diesel cars grew by 52% in April to May 2011 when petrol prices were hiked by Rs5/litre. SUVs were the second-most searched car category, followed by luxury cars, which is the fastest growing car category. Search queries for bikes saw a more than 96% increase in query volumes in 2010.
The online search behaviour of consumers mirrors the offline world. For, there has been a 38% increase in the volume of queries in the second half of the year over that in the first half. Indian consumers tend to make auto purchases during the festive season (2009 to 2010).