Indian share markets continued to climb higher in the post-noon trading session. Barring consumer durable and power, all the sectoral indices are trading in the green with IT, metal and FMCG stocks being the biggest gainers.
Majority of the auto stocks are trading in the green with Tube Investments and TVS Motors being the biggest gainers. However, Ashok Leyland and Maharashtra Scooters are among the few stocks trading in the red. As per a leading financial daily, Mahindra & Mahindra (M&M) has launched entry level Sports Utility Vehicle (SUV), XUV500 at price of Rs 1.09 m. Existing XUV500 models are available in the price range of Rs 1.2-1.46 m. The new variant W4 is powered by a 2.2 litre diesel engine. With this entry level model, M&M wants to increase the affordability of XUV500 and attract sedan and compact SUV buyers who want to upgrade to the XUV500. As per the company, it has sold more than 74,000 vehicles of XUV500 within two years of its launch making it one of its most successful launches till date. In FY13, M&M reported a 22% revenue growth led by 34% growth in its automotive division sales. M&M stock is currently trading up by 1.3%.
Most of the Food and Tobacco stocks are trading in green, with Ruchi Soya industries and Golden Tobacco being the leading gainers. GlaxoSmithKline Consumer Healthcare (GSKCH) has declared results for the quarter ended September 2013. The company reported net sales growth of 17.4% YoY for the quarter. The net profit increased by 14.3% YoY during this period. The growth was driven by superior sales performance and cost rationalization initiatives taken by the company. As per the management, the company continues to focus on greater penetration across various categories. The company continues to look out for launch of science based products at competitive price. These features would help in growth of its brands. GSKCH stock is currently trading down by 0.5%.