Indian stock markets continued to trade in the green during the last two hours of trade on the back of sustained buying across index heavyweights. All sectoral indices are trading in the green except pharmaceutical stocks.
Automobile stocks are trading in the green led by Force Motors and Eicher Motors. According to a leading financial daily, Mahindra & Mahindra is developing a full hybrid vehicle for the Indian markets. It may be noted here that hybrid vehicles are vehicles that have conventional internal combustion engines with one or more electric motors that cause lesser pollution than the normal ones. These hybrids tend to be more expensive and have a niche customer base. A team of 14 people is working towards this at M&M's newly established research and development (R&D) centre in Oragadam in Chennai. The project is likely to cost Rs 3 bn and the hybrid vehicle by M&M is expected to hit the markets in next 3 years or so.
Energy stocks are trading strong led by Gujarat Gas and Essar Oil. According to a leading financial daily, Hindustan Petroleum Corporation Limited (HPCL) has entered into a pact with Force Motors to supply engine oil to the automobile company. As per the agreement, HPCL will provide engine oil for the entire range of Force Motors' automotive aggregates like engine, gearbox and axles. HPCL's HP Force Genuine Oils will be distributed through its strong network of distributors throughout India. Force will be using this across its range of vehicles including light commercial, multi-utility, agricultural and personal vehicles.