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3 months ago
BUZZ-India's consumer goods, agri stocks gain on monsoon f'cast
May 10, 2017 / 6:40 AM / 3 months ago

BUZZ-India's consumer goods, agri stocks gain on monsoon f'cast

** Agriculture-dependant firms gain after India's weather office chief said that the country will receive higher monsoon rainfall than forecasted earlier

** State-run India Meteorological Department on April 18 had forecast this year's monsoon rains at 96 pct of 50-year average of 89 cm

** Monsoon delivers about 70 pct of India's annual rainfall, critical for crops such as rice, cane, corn, cotton and soybeans as nearly half of the country's farmland lacks irrigation

** Agriculture stocks such as Insecticides (India) Ltd , Mangalore Chemicals and Fertilisers Ltd, Jain Irrigation Systems Ltd, Rallis India Ltd gain between 2.8 and 4.1 pct

** FMCG stocks like Hindustan Unilever Ltd, Dabur India Ltd, Nestle India Ltd gain between 2 and 4 pct, while tractor makers such as Escorts Ltd, and Mahindra and Mahindra Ltd rose 2 pct and 6 pct, respectively (arnab.paul@thomsonreuters.com)

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