After opening in the green, the Indian Indices have continued to hold on to gains made during the morning session. FMCG and power stocks are leading the gainers, while IT stocks are trading in the red. Mid and small cap stocks are witnessing buying interest.
Most auto stocks are trading higher today led by M&M and Escorts. As per a leading financial daily, in a bid to regain lost market share, M&M has lined up close to 12 new launches for the year 2015. This is on the back of the company's market share in the utility vehicle space falling to an all time low in recent times. Out of these dozen or so launches, utility vehicles are slated to be close to 7. Reports suggest that these new launches are likely to bring in incremental volume of 80,000 to 90,000 units a year.
Telecom stocks are trading mixed currently. As per a leading business daily, the Department of Telecom (DOT) is expected to notify new penalty norms for telecom companies within a month. These may end the practice of levying maximum penalty of Rs 500 m even for minor mistakes. It may be noted that the Telecom Commission in March this year had approved a new penalty scheme which had 5 slabs ranging from Rs 0.1 m to Rs 500 m for violation of norms by mobile operators. However, these have not been notified since then.