All major Asian stock markets have opened the day on a weak note with the markets in China (down 1.5%) and Hong Kong (down 1.4%) leading the pack of losers. The Indian share markets have also opened the day on a negative note. Barring the consumer durables and auto indices, most sectoral indices are trading weak with healthcare and metal indices leading the losses.
Auto stocks have opened the day mainly in the green with Tata Motors and Hero MotoCorp leading the gains. As per a leading financial daily, India's leading passenger vehicle maker Maruti Suzuki is working on a low-cost hybrid technology in a bid to make its cheap-to-own cars even more fuel efficient. The car maker is aiming to make hybrid car models affordable. It wants to offer the technology on cars right from the cheapest car on its product portfolio, the Alto, to the Swift premium hatchback. The hybrid technology development is at an advanced stage and the company plans to roll out the models over the next three to four years. The hybrid solution could offer 20-30% more fuel economy.
Investment & Finance sector stocks have mainly opened the day on a weak note with SREI Infrastructure Finance and Rural Electrification Corporation leading the losses. Non-banking lender Bajaj Finance had recently announced that its plans to launch a dedicated housing finance wholly-owned subsidiary. As per latest updates in a leading financial daily, the housing finance arm is expecting to start operations in the first quarter of FY16 (1QFY16). It will aim at disbursing home loans of about Rs 18-20 bn to the affluent class by March 2016. The company would target the affluent and super affluent sections of society for its home loans business and focus on the self-employed category. It must be noted that a typical loan to the self-employed would be between Rs 1.2 crore and Rs 1.3 crore, while a loan to a salaried person would be between Rs 75 lakh and Rs 80 lakh.