After opening in green Indian markets continued to trade firm in the last two hours of trading session. Capital goods and Oil & Gas indices have been leading the gains in the markets.
BSE Sensex is trading up by 153 points and NSE-Nifty is trading up by 47 points. The BSE Mid Cap index is trading up by 0.88% and BSE Small Cap index is trading up by 0.77%. The Rupee is trading at 62.4 to the US Dollar.
Automobile stocks are trading positive today. Ashok Leyland and Bajaj Auto are leading the gainers. TVS Motors and Tube Investments are leading the losers. According to a leading business daily, Maruti Suzuki has announced that the company will recall 1492 vehicle units of Ertiga, Swift, Dzire and A-Star models. These models were manufactured between 19th October and 26th October, 2013. The models are supposed to have a problem with steering column. The company has said that if the steering column is found defective, it will replace the steering column for free. It has already dispatched new steering columns to dealer workshops.
According to a business daily, in February 2010, Maruti had recalled about 100,000 A-Star cars, its flagship export model in order to replace a faulty fuel pump gaskets. Maruti Suzuki also recalled 13,157 diesel variants of Swift, DZire and Ritz cars in April 2011. Overall, many Indian automakers such as Ford, Renault, Honda and Yamaha have recalled more than 300,000 vehicles in last one year. The recalls have increased ever since the Society of Indian Automobile Manufacturers (Siam) announced a voluntary recall code in July 2012. Maruti Suzuki is trading 0.6% up today.
Software stocks are trading mixed today. Datamatics Global and Tata Elxsi are among the stocks leading the gainers; while Tech Mahindra and Infinite Computer Solutions are among the stocks leading the losses. According to leading news daily, India's leading software Company, Infosys will undertake a major change in its software delivery process. The company has begun a process whereby it will completely overhaul its famed Global Delivery Model (GDM). Infosys which had pioneered the GDM nearly 20 years ago is looking to cut down on costs and improve efficiency for both itself as well as its clients. The company hopes to become more competitive in the process. Once the process is complete, Infosys will significantly reduce the number of onsite employees, especially senior staff, to bring down its dependence on such expensive efforts. It will also increase the number of night shifts of its employees in India to increase its offshore effort. Apart from improving competitiveness, this strategy would also help Infosys mitigate the negative effects of the US immigration bill which is due to be passed into law in 2014. Infosys is trading down 0.3 % today.