Majority of the Automobile stocks are trading in the green with Escorts and Maruti Suzuki being the major gainers whereas Force Motors and Eicher Motors are trading in the red. As per a leading financial daily, Mahindra & Mahindra (M&M) is fine tuning its hybrid technology to implement it in various platforms and vehicles across the Mahindra range. The company is already present in electric car E20 hatchback through Mahindra Reva. However, the E20 has not had strong pick-up with reportedly only a few hundred cars sold since launch in March 2013. Therefore the company is moving to the next level by focusing on full-scale hybrids. While hybrids such as Toyota Prius, Honda Jazz, Ford Fusion and Chevrolet Volt are present, they are all in the automatic transmission. With automatic cars still to gain popularity in India, M&M wants to develop manual transmission mode compatible with the hybrid technology. The company has also tied up with technology experts such as Samsung SDI for the supply of lithium ion batteries for the hybrid range. The other technology partners include German component maker ZF and tyre company Continental. M&M is likely to debut its hybrids at the Indian Motor Show in February 2014. M&M stock is currently trading up by 0.3%.
Most of the investment & Finance stocks are trading in green with IDFC Ltd and Power Finance Corporation being among the leading gainers. As per the financial daily, HDFC has hiked interest rates for the home loans by 10bps. The hike is made in loans of up to 30 lakhs and that of 30 lakhs to 75 lakhs. The rates of these loans now stand at 10.5% and 10.75% respectively from 1 Dec 2013 onwards. Reportedly, as per Keki Mistry who is vice president and CEO of HDFC said, the 10bps rise is on back of cost of funds adjustment. However, Mr Mistry expects the said rates will come down in 2014, as the food prices will witness decline owing to good monsoon season. HDFC is currently trading up 1.89%.