Backed by persistent buying activity Indian equity markets climbed higher during the post noon trading session. All the sectoral indices are trading positive with FMCG and metal stocks being among the leading gainers.
Majority of the automobile stocks are trading in the green with Ashok Leyland and Maruti Suzuki being the top gainers. As per a leading financial daily, passenger car major Maruti Suzuki has reported 61.24% increase in total sales for the month of Aug 2013. The company has sold 87,323 units during the said period vs 54,154 units sold in Aug 2012. Large part of this growth was on back of both domestic and export sales. The domestic sales grew by 51.6%, while exports increased by 180% for the month of Aug 2013. In the domestic segment, mini segment cars grew by 45.1%. The compact cars segment witnessed healthy growth of 188%. The utility segment sales fell by 33.7% for the month of Aug. Maruti Suzuki was trading up by 2% at the time of writing.
Majority of the power stocks are trading in the green with Nevyeli Lignite and Reliance Infra leading the gainers. However, Tata Power and National Thermal Power Corporation (NTPC) are among the few stocks trading in the red. As per a leading financial daily, in a relief to power generation companies, the Revenue Department has exempted customs duty on equipment required for ash disposal system and coal transport facilities. This waiver is available for power plants with generation capacity of over 1,000 MW. In 2012, the government had provided excise duty exemption on equipment and machinery required for setting up ultra-mega and mega power projects. It may be noted that power projects having generation capacity of over 1,000 MW are considered as mega whereas projects with capacity above 4,000 MW are considered as ultra mega plants.