Call rates steadily high on Tuesday

The Inter-bank call money rates were steady at 7.70/75% from its previous close as tightness in liquidity persisted following large advance tax outflows, while demand for fund remained strong even in the second week of the reporting fortnight. Banks via Liquidity Adjustment Facility (LAF) borrowed Rs 55,400 crore through repo window on March 21, 2011. While banks via Second Liquidity Adjustment Facility (LAF) borrowed Rs 23,490 crore through repo window and parked Rs 55 crore via reverse repo window on the same day.

The overnight borrowing rates has touched a high of 7.70% and a low of 7.80%, so far.

According to the Clearing Corporation of India (CCIL), the weighted average rate (WAR) in the call money market was 7.71% on Monday and total volume stood at Rs 12,545 crore on the same day.

As per CCIL data, WAR in the CBLO (Collateralized Borrowing and Lending Obligation) market was 6.71% on Monday and total volume stood at Rs 55,609 crore on the same day. 

Rupee picks up pace on Tuesday; surging oil prices weigh

Rupee strengthened on Tuesday supported by gains in the stock market and dollar weakness against other currencies. However, surging oil prices have maintained lid on further appreciation of the local unit, while, even demand for dollars by oil importers may play spoilsport for the rupee's gains during the day. Brent crude futures were supported near $115 on Tuesday by supply concerns triggered by the spreading unrest in the Middle East, while uncertainty about demand from the world's No. 3 consumer Japan capped gains.
Meanwhile, dealers are also turning more optimistic about the rupee's outlook in the near term on expectations of robust dollar inflows with companies getting funds via ECBs , and remittance in this quarter due to the Middle-East crisis.
The partially convertible Rupee is currently trading at Rs 44.96/97, stronger by 5 paise from its previous close of 45.01/02 on Monday. It touched a high of 45.00 and a low of 44.96 respectively. The Reserve Bank of India's Reference Rate for the US dollar stood at Rs 45.05 and for Euro it stood at Rs 63.81 on March 21, 2011. While, the RBI's reference rate for the Yen stood at Rs 55.65 and the reference rate for the Great Britain Pound (GBP) stood at 73.0508 on March 21, 2011. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

Date	1US$	1GBP
March 21,2011	45.05	73.0508
March 18,2011	45.09	72.8226

                                                       RBI-reference rate

Prefer direct investment to portfolio inflows: RBI

The Reserve Bank of India (RBI) said on Tuesday that it preferred greater amount of long-term and stable flows through foreign direct investment (FDI) into the country rather than often short-term oriented foreign institutional investment (FII) to bridge the current account deficit (CAD) that faces.

The Governor of the central bank D Subbarao said that while inflow of foreign capital was welcome for bridging the CAD, the RBI would always prefer the stable inflows in terms of FDI, which comes with a long term commitment, rather than volatile portfolio inflows which can reverse in case of even a small change in either domestic of global economic scenario.

In fact the RBI had raised the issue in its last two monetary policy reviews as well. The Central bank had expressed concern about the widening of the CAD and the nature of its financing in its third quarter review released on Jan 25. Going by the recent robust export performance though, the CAD for 2010-11 is now estimated to come lower than earlier expected, at around 2.5% of GDP.

overnment tables GST Bill in Parliament

Union Finance Minister Pranab Mukherjee on Tuesday tabled the Bill aiming at amending some of the tax related constitutional provisions required for implementing the much awaited Goods and Services Tax (GST), the country's most ambitious tax reform yet.

The constitutional amendment would allow states to levy tax on services for the first time. As per the current provision in the constitution, the states cannot tax services while the Union government can also not tax goods beyond the factory gate. Therefore, taxation powers of both the Union government and states will have to be raised to bring them in line with the GST. This will need a constitutional amendment bill to be first passed by the two houses of Parliament and then by at least two-third of state assemblies.

However, the road to implementation of the GST is not very clear so far as there is no complete agreement among states yet. A number of states, particularly the opposition ruled ones, are still firm on their stand that GST in its proposed structure will erode the fiscal autonomy of states, as provided in the Constitution. The Union government has already brought out a fourth revised draft of amendment bill that takes care of some of the issues raised by the states.

For instance, the third draft had proposed setting up a GST Council by the Act of Parliament, instead of President’s order. This was not acceptable to States as it would have resulted in provincial government’s autonomy being at the mercy of Union Parliament in many other situations. In the fourth draft that has been tabled in Parliament, it is proposed to set up a GST Council by Presidential order.

The purpose of the GST is to integrate all the indirect taxes on goods and services at the state and central levels including the value-added tax (VAT), excise and service taxes etc. Since the GST will bring all these taxes under one head, it will be easy to pay and collect taxes resulting in reduced cost of collection and greater compliance. The finance ministry has in a recent study pegged the benefits from GST in terms of national output at Rs 70,000 crore in 2004-05 prices. 

Global steel production up 8% in Feb, falls marginally in India

In a signal of improving global economy, world crude steel production increased by 8.8% to 117 million tonne in the month of February 2011 compared with the same month last year, showed the data compiled by World Steel Association (WSA). However, in India, crude steel output dipped marginally by 0.5% to 5.1 million tonne during the same period.

The decline in India is mainly due to some supply constraints rather than demand weaknesses. In fact, demand for steel has been seen rising over last few months even as steel companies hiked prices at least three times in Dec-Feb period owing to higher cost of production and better demand-supply scenario in the market. Local steel producers expect that output will increase in coming months as demand from infra and auto space is likely to remain buoyant.

In case of China, the largest steel producer in world, steel production for February 2011 stood at 54.3 million tonne, up 9.7% compared to February 2010. Japan produced 8.9 million tonne of crude steel in February 2011, an increase of 5.7% compared to the same month last year. However, Japanese production is expected to be much lower in March due to ongoing nuclear crisis. In South Korea, production jumped massively by over 25% to touch 5.0 million tonne in February 2010.

Looking at the European Union, Germany’s crude steel production for February 2011 stood at 3.7 million tonne, up 7.9% on year-on-year basis while Italy’s crude steel production was 2.3 million tonne, up 4.9% compared to the same month last year. In other European countries too production was seen increasing between 6-10%, indicating that the continental economy was continuing recovery despite some sovereign debt concerns.

Elsewhere in the rich world, the US produced 6.6 million tonne of crude steel in February 2011, 5.6% higher than February 2010. Brazilian crude steel production in the month under review was 2.7 million tonne, an increase of 11.4% on February 2010. The world crude steel capacity utilization ratio stood at 82.0%, better than upwardly revised figure of 80.9% for January 2011. On year-on-year basis the utilization ratio was 2.7 percentage points higher.

IMG advocates amendment to APMC act for curbing food inflation

The inter-ministerial group (IMG) on inflation has pointed out an urgent need for states to amend the Agriculture Produce Marketing Committee (APMC) acts to facilitate the free movement of essential food items, which, according to the group, is very important for achieving and sustaining a lower food inflation level.

The IMG was set-up at the suggestion of the Prime Minister Manmohan Singh ‘in order to review the inflation situation and suggest corrective measures.’ The second meeting of the IMG on inflation was held on Monday under the Chairmanship of Dr Kaushik Basu, Chief Economic Advisor (CEA) to the Ministry of Finance.

In Monday’s meeting, there was a discussion on the need to revise the APMC act and encourage competition among traders and also to promote efficiency in retailing. Dr Basu stressed that there were certain natural rises and falls of price which are the market’s way of signaling information to consumers and it was not a good idea to flatten out these natural price movements.

He added that it was only when a small shortfall in production results in a disproportionate rise in prices that one realizes that there might be flaws in the marketing system. Basu said that it was these flaws that we need to correct. Towards this end, the IMG felt an urgent need to reform the APMC acts and in fact the overall marketing system as far as farm produce was concerned.

While some states have already amended their APMC Acts, many states are yet to relax the norms that restrict sale of agriculture produce. Until greater freedom in movement of food articles is grated, observed the IMG, it would be very difficult to improve efficiency in marketing and bring down the difference between farm gate and consumer prices. It has been earlier noted by government agencies as well as independent economists that major reason for high food inflation was large difference between retail and wholesale prices which indicated substantial inefficiencies in marketing and distribution.

Government may allow 200,000 tonne of sugar exports today

Having waited for several months, the government is likely to allow around 200,000 tonne of sugar exports on Tuesday under unrestricted sales or the open general license (OGL) which will be first tranche of the half a million tonne of exports announced earlier.

Last December, the Union Food and Agriculture Minister Sharad Pawar had announced sugar exports to the tune of 5 lakh tonne. However, the government, hit by high food inflation, kept the issue undecided and later referred it to the Empowered Group of Ministers (EGoM), headed by Finance Minister Pranab Mukherjee. The group is slated to meet on Tuesday to consider operationalising the announcement.

The reason behind not allowing sugar exports even as domestic production scenario seemed rosy and prices were crashing was overall high food inflation. The government had withheld the request by the farm ministry as food inflation was not witnessing the traditional decline over the months of Nov-Dec. However, with the food inflation now showing significant decline in the months of Jan-Feb, there is a possibility that government will allow some exports. 

The meeting of the EGoM is being held after Pawar sought the intervention of the Mukherjee for an early decision on this issue because the window to export sugar from India is available only up to end of April. In May, sugar from Brazil, the largest sugar producer in the world, will start coming into global markets, making it very difficult for Indian producers to exports. Also, global prices might come down further by then, which will make exports unprofitable by Indian exporters.

According to the agriculture ministry, extension of stock limits and substantial surplus production of the sweetener has depressed domestic prices below cost of production. If prices remain down, it will impact the payments to cane growing farmers, which in turn will impact the area under sugarcane cultivation in the next season, thus impacting sugar output next year. 'If sugar prices are not stabilized and cash flow to mills are not improved, I fear that we will end up paying a huge subsidy to clear cane payment arrears of farmers,' Pawar said while seeking intervention of Mukherjee in exports.

Most Asian indices extend gaining run; Japan ascends about 3%

Majority of Asian equity indices have extended their gaining run for the third successive session this Tuesday taking sanguine leads from the overnight upsurge in the US markets which garnered about one and a half percent on reports of stabilizing nuclear crisis in Japan along with some acquisition report. The investors' mood also got filliped on watching the Japanese benchmark, Nikkei 225 index, mount around three percent points, after a day of break, as the Nuclear Regulatory Commission there said that situation at Fukushima Dai-ichi plant appeared to be stable and containment at three of the plant's six reactors was intact.

Shanghai Composite added 4.90 points or 0.17% to 2,914.04, Hang Seng advanced 72.45 points or 0.32% to 22,757.67, KLSE Composite rose 0.47 points or 0.03% to 1,509.35, Nikkei 225 jumped 270.74 points or 2.94% to 9,477.49, Straits Times gained 6.86 points or 0.23% to 2,990.37, Seoul Composite climbed 8.13 points or 0.41% to 2,011.55 and Taiwan Weighted surges 69.53 points or 0.82% to 8,537.24.

On the other hand only Jakarta Composite traded in the negative zone after shedding 9.12 points or 0.26% to 3,509.73.

US markets surge on some deals news and easing Japanese crisis

US markets soared on Monday and all the major indices were up by about one and a half percent on reports of that Japan's nuclear crisis was stabilizing the Nuclear Regulatory Commission said the situation at the Fukushima Dai-ichi plant appeared to be stabile it further said that containment at three of the plant’s six reactors was intact. Also there were some deals news that helped the markets gain strength, AT&T Inc. said it would buy rival T-Mobile USA for $39 billion, creating the largest US cellphone company, while Charles Schwab Corp. said it would buy online brokerage services provider OptionsXpress for $1 billion.

However, there was a disappointment from the economy front, the National Association of Realtors, an industry group said that sales of previously owned US homes fell unexpectedly sharply in February and prices fell to their lowest in nearly nine years. Sales fell 9.6 percent month over month to an annual rate of 4.88 million units, snapping three straight months of gains. The median home price dropped 5.2 percent in February from a year earlier to $156,100, the lowest since April 2002.

The Dow Jones industrial average surged by 178.01 points, or 1.50 percent, to 12,036.53. The S&P 500 index gained 19.18 points, or 1.50 percent, to 1,298.38, while the Nasdaq composite rose by 48.42 points, or 1.83 percent, to 2,692.09.

Majority of the Indian ADRs made a green closing on Monday, Infosys was up by 0.65%, Wipro was up by 0.54%, MTNL was up by 0.03% and Tata Motors was up by 0.55%.

On the other hand HDFC Bank was down by 1.79% and ICICI Bank was down by 0.53%.

Tata Communications surges on the BSE

Tata Communications is currently trading at Rs. 216.70, up by 6.25 points or 2.97% from its previous closing of Rs. 210.45 on the BSE.
The scrip opened at Rs. 207.35 and has touched a high and low of Rs. 218.45 and Rs. 204.75 respectively. So far 138375 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 354.30 on 02-Sep-2010 and a 52 week low of Rs. 192.65 on 10-Feb-2011.
Last one week high and low of the scrip stood at Rs. 222.65 and Rs. 204.75 respectively. The current market cap of the company is Rs. 6133.20 crore.
The promoters holding in the company stood at 76.15% while Institutions and Non-Institutions held 13.47% and 3.29% respectively.
Tata Communications (TCL) earlier know as VSNL, asserted that it had no intention of holding on to 770 acres of surplus land that came under its fold as a part of the privatization of former long-distance monopoly VSNL, because the delay in taking a decision was hurting the company, as it was unable to raise equity. The statement came in the wake of telecom ministry ordering the department of telecommunications to find out why it was taking so long to decide what to do with the land.

Recently, the telecom ministry called for the telecom secretary to constitute a high-level committee to examine the issue and come up with recommendations to secure interest of the government and the investors within this month. In a view, the Tatas were deliberately delaying a final decision on the fate of the land, spread over five locations in Delhi, Kolkata, Chennai and Pune. Adding to this, in May 2005, opinion of former attorney general Milon Banerjee that claims right from the beginning, the strategic partner was not interested in hiving off/demerger of the surplus land. But TCL quoted that such an interpretation was far from the truth.
Earlier VSNL was acquired by a subsidiary of Tata Sons, the holding company of the Tata group, in 2002 when it was privatized by the Atal Bihari Vajpayee-led NDA government. TCL does not benefit from the surplus land and has no interest in retaining it or delaying its separation from the company. As a matter of fact, the company has been seeking an expedited resolution to this issue which limits its options in raising non-debt funding. The government is in the process of evaluating various legal and financial alternatives to decide on the demerger process, company officials quoted.

Amtek Auto spurts on CARE reaffirming ratings assigned to its bank facilities

Amtek Auto is currently trading at Rs 142.00, up by 8.45 points or 6.33% from its previous closing of Rs 133.55 on the BSE.

The scrip opened at Rs 134.40 and has touched a high and low of Rs 143.40 and Rs 132.40 respectively. So far 737363 shares were traded on the counter.

The BSE group 'B' stock of face value Rs 2 has touched a 52 week high of Rs 200.85 on 12-Apr-2010 and a 52 week low of Rs 106.00 on 10-Feb-2011.

Last one week high and low of the scrip stood at Rs 143.40 and Rs 120.70 respectively. The current market cap of the company is Rs 3067.10 crore.

The promoters holding in the company stood at 30.26% while Institutions and Non-Institutions held 42.93% and 26.81% respectively.

Credit rating agency, CARE has reaffirmed ‘AA’ rating assigned to Rs 1845 crore (enhanced from Rs 1775 crore) long term bank facilities of Amtek Auto. The rating agency has also reaffirmed ‘PR1’ rating assigned to Rs 40 crore short term bank facilities of the company. Further, CARE has reaffirmed PR1 rating assigned to Rs 300 crore commercial papers of the company.

The rating continues to derive strength from the company’s established business position, diversified client base, long-standing relationships with automobile companies as the preferred Original Equipment (OE) supplier, reasonable profitability levels and improved capital structure.

Amtek is one of the largest suppliers of automotive components to auto companies such as Tata Motors, Maruti Suzuki and Hyundai. It is also the first automotive component maker to foray into vehicle manufacturing. Amtek operates 43 manufacturing facilities in India and abroad. The project is expected to start with the medical vehicle segment and will have high localization.

Sesa Goa surges on acquiring assets of Bellary steel & alloys

Institutions held 28.84% and 15.43% respectively. 

Sesa Goa, the largest exporter of iron ore, has acquired the assets of the upcoming steel plant unit of the Bellary steel & alloys (BSAL) for an all cash consideration of Rs. 220 crore. The secured creditors to BSAL represented by IFCI had taken over possession of the properties of the BSAL in association with the official liquidator. IFCI then conducted sale process for the asset of the BSAL under the SARFAESI Act, 2002.

BASL is coming up with a 0.5 mtpa steel plant project at Bellary. The properties of the under construction plant acquired are free hold land or 700 acres, building and structure, plant and machinery and other assets of the steel plant.

The assets have been transferred on an ‘as is where is’ basis to SGL on March 22, 2011. The company is presently conducting a detailed assessment in order to determine the best way forward for commissioning the steel plant at the earliest.

Apollo Hospitals surge on Khazanah acquiring 8.82% stake in it

Apollo Hospitals Enterprise is currently trading at Rs. 490.60, up by 6.10 points or 1.26% from its previous closing of Rs. 484.55 on the BSE.

The scrip opened at Rs. 490.00 and has touched a high and low of Rs. 502.00 and Rs. 488.10 respectively. So far 22,950 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 5 has touched a 52 week high of Rs. 599.00 on 13-Oct-2010 and a 52 week low of Rs. 327.75 on 21-May-2010.

Last one week high and low of the scrip stood at Rs. 502.00 and Rs. 470.05 respectively. The current market cap of the company is Rs. 6131.40 crore.

The promoters holding in the company stood at 33.24% while Institutions and Non-Institutions held 27.47% and 32.00% respectively.

Khazanah Nasional Bhd’s arm - Integrated (Mauritius) Healthcare Holdings - has acquired 11,000,000 shares representing 8.82% stake in corporate hospital chain Apollo Hospitals from Bisikan Bayu Investments, another arm of the Malaysian sovereign fund, for Rs 470 crore. This arrangement is a part of an internal arrangement to consolidate shares under a single entity of Khazanah.

CARE retains ratings of various bank facilities of Gujarat NRE Coke

Credit rating agency, CARE has retained ‘AA-’ rating on Rs 726.39 crore long term bank facilities of Gujarat NRE Coke. The rating agency has also retained PR1+ rating on Rs 1,230 crore short term bank facilities of the company. Further, the company has reaffirmed PR1+ rating assigned to Rs 100 crore commercial paper of the company.

The said ratings continue to draw strength from long track record of the company, experience of the promoters, company’s leadership position in the Low Ash Metallurgical Coke (LAMC) industry, reputed clientele, inherent advantages of sourcing of coking coal from mines owned by its subsidiaries, successful operation of the steel unit, moderate financial position, improvement in equity base through infusion of funds by the promoter and improving outlook for LAMC industry in both international and domestic arena.

Gujarat NRE Coke is the largest producer of metallurgical coal, also known as met coke. It is the only Indian company which has coking coal mines in Australia.

Indusind Bank to acquire Deutsche Bank's India credit card business: Report

Indusind Bank is reportedly looking to acquire the German lender Deutsche Bank's India-specific credit card business.  Axis Bank and IndusInd Bank are the only two bidders narrowed out of 11 bidders by Deutsche Bank and the deal is expected to conclude over the next quarter. Its credit card business in India has 1,50,000 active cards and outstanding of Rs 225-250 crore.
IndusInd is close to striking the deal with Deutsche Bank and could offer a small premium to the amount outstanding on the current credit card base, which is in the range of Rs 225-250 crore.
IndusInd Bank seems to have an edge over Axis Bank which is in the last leg of deal and would be able to absorb the 217 people employed in the credit card division of Deutsche Bank. It would be a lift and drop deal with IndusInd Bank as it is in the process of launching its credit card business.

Geometric to unveil CAMWorks 2011 at PMTS 2011

Geometric, a leader in developing advanced manufacturing software is planning to demonstrate the new features in CAMWorks 2011, the latest version of its solid-based CNC programming solution at Precision Machining Technology Show 2011 (PMTS), from 19 to 21 April, 2011 in Columbus in Ohio.

CAMWorks 2011 is intended to be a more focused upgrade in the CAMWorks line, and provides significant new capabilities including enhanced automation, improved knowledge-based machining information, smarter tool paths, and more.

CAMWorks 2011 introduces VoluMill the ultra-high performance tool path plug-in engine for high speed milling for 2.5 axis and 3 axis roughing operations. It is ideal for prismatic parts and complex 3-D shapes as its algorithms result in more intelligent tool paths to machine pockets, slots, and arbitrary shapes.

Recently, the company had unveiled eDrawings Professional for Google SketchUp version 8.0 with support for Google SketchUp 8.0 and eDrawings 2011. eDrawings is the first email enabled collaboration tool designed to ease the sharing and interpretation of 2D and 3D product design data.

Geometric is a specialist in the domain of engineering solutions, services and technologies. Its portfolio of Global Engineering services and Digital Technology solutions for Product Lifecycle Management (PLM) enables companies to formulate, implement, and execute global engineering and manufacturing strategies aimed at achieving greater efficiencies in the product realization lifecycle.

Saksoft inks distribution agreement with FICO

Saksoft, the Information Management Specialist Company and FICO, the leading provider of analytics and decision management technology have entered into an agreement to market solutions jointly in India. The distribution agreement covers FICO’s decision management solutions and custom analytics including FICO TRIAD Customer Manager and FICO TM Blaze Advisor business rules management in combination with Saksoft’s technology, products and systems integration services.
FICO TRIAD Customer Manager is the leading credit account and customer management solution, with advanced analytics and strategy consulting and tools, while, FICO TM Blaze Advisor is the world's leading business rules management system, which provides companies across industries with a scalable solution that delivers agility and easy-to-implement smarter business decisions.
The two companies’ complementary expertise will enable them to deliver technology solutions that optimize business processes and decision management for clients, principally in the banking and insurance space.

Tata Communications says, no intention of holding VSNL‘s 770 acres land

Tata Communications (TCL) earlier know as VSNL, asserted that it had no intention of holding on to 770 acres of surplus land that came under its fold as a part of the privatization of former long-distance monopoly VSNL, because the delay in taking a decision was hurting the company, as it was unable to raise equity. The statement came in the wake of telecom ministry ordering the department of telecommunications to find out why it was taking so long to decide what to do with the land.

Recently, the telecom ministry called for the telecom secretary to constitute a high-level committee to examine the issue and come up with recommendations to secure interest of the government and the investors within this month. In a view, the Tatas were deliberately delaying a final decision on the fate of the land, spread over five locations in Delhi, Kolkata, Chennai and Pune. Adding to this, in May 2005, opinion of former attorney general Milon Banerjee that claims right from the beginning, the strategic partner was not interested in hiving off/demerger of the surplus land. But TCL quoted that such an interpretation was far from the truth.

Earlier VSNL was acquired by a subsidiary of Tata Sons, the holding company of the Tata group, in 2002 when it was privatized by the Atal Bihari Vajpayee-led NDA government. TCL does not benefit from the surplus land and has no interest in retaining it or delaying its separation from the company. As a matter of fact, the company has been seeking an expedited resolution to this issue which limits its options in raising non-debt funding. The government is in the process of evaluating various legal and financial alternatives to decide on the demerger process, company officials quoted.

ICICI Bank and Intuit unveils Money Manager

ICICI Bank and Intuit, a leading global developer of business and personal finance management solutions, have launched an online subscription-based personal finance management solution ‘Money Manager’ for its customers. The solution is designed to help the bank’s customers understand their spending habits and organize their finances by providing them with details of all their ICICI Bank accounts on a single platform.

This web-based solution, available through the bank’s website, delivers the flexibility to focus on specific details such as earnings, savings, spends and loans. “Money Manager” makes it easy for customers to quickly and easily categorize their expenses and set and track a realistic budget to achieve their financial goals.

ICICI Bank’s products comprise a comprehensive range of deposits, mutual fund, and investment products, demat services and loans like home loan, auto loan and personal loans to cater to different needs.

Jyothy Laboratories acquires 100% stake in Diamond Fabcare

Jyothy Laboratories’ subsidiary Jyothy Fabricare Services (JFSL) has acquired 100% stake in Delhi-based laundry player Diamond Fabcare (DFPL).

DFPL, the member of Dry Cleaning & Laundry Institute, USA has 62 outlets across Delhi, Noida, Gurgaon and Gaziabad. It enjoys core competency in the laundry segment with the state-of-the-art machinery including use of 100% RO water processing, innovative supply chain system driven by sophisticated IT systems and record keeping.

Jyothy Laboratories is engaged in manufacturing and marketing of products in fabric care, mosquito repellent, surface cleaning, personal care and incense sticks.