Indian stock market indices are trading strong over the last two hours of trade on the back of heavy buying activity witnessed across industry heavyweights. Realty and consumer durables stocks witnessed maximum buying interest activity while IT stocks witnessed maximum selling pressure.
Auto stocks are trading in the green led by Tata Motors (Telco) and Ashok Leyland. According to a leading financial daily, Bajaj Auto will recall Pulsar 220cc DTS-i motorcycle to fix a faulty part that could lead to starting problems. Not all the Pulsar 220 units would be covered by the recall and the company is undertaking the exercise only for a select number of units that are believed to be carrying the potentially faulty part. There was a problem with the starter relay on the motorcycle which prompted the company to go in for part replacement. The replacement will be done free of cost and it will take around 15-20 minutes to change the part.
Steel stocks are trading firm led by Adhunik Metaliks and JSW Ispat. As per a leading daily, Steel Authority of India (SAIL) and Supreme Alloys have started working on their proposed new plant at Lakhimpur district in Uttar Pradesh. The joint venture by the name of SAL-SAIL JVC Limited has commenced work on this 1.5 lakh tonne steel plant. Supreme Alloys has 74% stake in this JV and SAIL has 26%. This plant will produce TMT bars. The joint venture will also be setting up another plant at Barabanki to produce TMT bars. As per the management of Supreme Alloys, setting up of these production facilities will help to cater the demand of the North Indian states.