Indian equity markets continue to trade strong over the last two hours of trade. Consumer durables and capital goods stocks witnessed maximum buying interest while IT and realty stocks witnessed maximum selling pressure.
Auto stocks are trading in the green led by Tata Motors and Hero Motocorp. According to a leading financial daily, Maruti Suzuki has sought more land from the state government of Gujarat for phase two of its expansion in the state. The company has already signed an agreement with the Gujarat government for setting up a manufacturing facility at Hansalpur near Mehsana. It has been allotted 700 acres of land for phase one. The company has sought another 300 acres for phase two. The land could be used to house the company's vendors or for the company's own capacity expansion plans. The company said that it would invest Rs 40 bn in the first phase to set up a 250,000 units per annum plant by 2015-16.
Engineering stocks are trading in the green led by Shanthi Gears and Bharat Bijlee. According to a leading financial daily, Bharat Heavy Electricals Limited (BHEL) is going to set up a fabrication unit in Bhandara, Maharashtra. The company plans to set up a fabrication unit at a cost of Rs 10 bn along with a photovoltaic manufacturing plant with an investment of Rs 30 bn. These units will be located near Sakoli in Bhandara district. BHEL is setting up this fabrication unit to deal with logistical problems that it faces while transporting heavy equipment from its fabrication unit in Tiruchirapalli, Tamil Nadu to the rest of the country. The photovoltaic plant will provide direct and indirect employment to around 2000 people.