Indian share markets have continued to cheer the drop in current account deficit and have remained firm in the last two hours of trade. IT and consumer durables are the only two sectors which have witnessed selling pressures.
All except two automobile shares, Tube Investments and Eicher Motor are trading in green with Tata Motors and Bajaj Auto leading the pack. According to a leading financial news medium, Ashok Leyland's Ennore plant's workers are working only three days a week this month, considering a production cut because of slowdown. The commercial vehicle maker will give the compensation as per the number of working days. The compensation levels will go up, once demand picks up and normal working schedule gets restored. For the year ended March 31, 2013, the company has registered a 23.4% fall in its net profit at Rs 4337 m in FY13 as against Rs 5660 m in FY12. Total income of the company has decreased by 3.3% YoY to Rs 124.8 bn. Ashok Leyland's share is trading up by 1.5%.
All except three Consumer Products shares, P&G Hygiene, Marico and Hindustan Unilever are trading in green with Lakshmi Energy and Archies Ltd leading the pack. According to a leading financial news medium, Proctor & Gamble is likely to extend its funding agreement with Jawed Habib Hair and Beauty salons beyond the UK to new markets such as Dubai and Singapore. The FMCG major has allocated a loan amount of 10,000GBP for each Jawed Habib-owned salon in the UK. It will fund Jawed Habib's 50 stores that are to be launched in the next two years. P&G Hygiene and Health Care is one of India's fastest growing fast moving consumer goods companies. Globally, Procter & Gamble owns brands like Duracell, Olay, Tide, Gillette, Braun, Pringles, Lacoste, Puma, Oral-B, etc.