Majority of the food & tobacco stocks are trading firm led by Sterling Biotech and United Spirits. As per a leading financial daily, Nestle is planning file an appeal against Madras High Court's interim order in favour of ITC. In 2013, ITC had filed a case against Nestle for infringing on the intellectual property rights after the latter launched 'Maggi Magical Masala' piggybacking on the success of ITC's 'Yippee Magic Masala'. Reportedly, Nestle is the market leader in the instant noodle market with a 72% volume market share whereas ITC has a market share of 18%. Such a favourable ruling may provide ITC headroom to grab additional market share in the instant noodle market. Both ITC and Nestle stocks are trading up by more than 2%.
Barring Tata Motors, all the automobile stocks are trading in the green with TVS Motors and Mahindra & Mahindra being the biggest gainers. As per a leading financial daily, Ashok Leyland has registered a 43% YoY jump in sale volumes to 8,435 units in the month of April. While the sales of its heavy and medium commercial vehicles grew by 45% YoY to 6,549 units, the offtake of light commercial vehicles were also up by 32% YoY to 1,886 units in April. Ashok Leyland stock is trading up by 2.4%.