Indian stock markets have been trading in the red during last two hours of trade. Among sectoral indices, IT and consumer durable stocks are among the top gainers while oil & gas and capital goods are amongst the major losers.
Automobile stocks are trading in the green led by Mahindra & Mahindra (M&M) and Escorts. According to a leading financial daily, M&M's domestic sports utility vehicle (SUV) major Bolero has crossed the one-lakh mark in sales in the last financial year. The sales of the vehicle were up from 83,112 in FY 2010-11 to 1,00,686 in FY 2011-12. This is the highest ever annual sales by the auto company since its inception. Also, the March sales at 10,026 units are Bolero's highest-ever monthly sales. Bolero is now ranked 7th among the top selling passenger vehicles in India. In FY11, it stood 9th. However, Bolero is the only SUV that features among the top passenger vehicles in India. We may note here that M&M's revenues grew by nearly 35% YoY for the 9 month period ended December 2011. However, net profits were down by 2.5% during the same period.
IT stocks are trading strong led by Info Edge and Mphasis Limited. According to a leading financial daily, Infosys and Oracle will together introduce Oracle Project Driven Supply Chain for high technology companies. This will be done to increase supply chain performance on a single, unified platform by leveraging Infosys industry leading technology business and Oracle's systems integration expertise. The designed solution will be available to customers in Redwood Shores, California and Shanghai, China. At present more than 65,000 customers rely on Oracle's complete, open and integrated enterprise applications to achieve superior results.