Major Asian stock markets have opened the day in green with Korea market (up 0.8%) and Taiwan market (up 0.5%), leading the gainers. The Indian markets have also opened on a strong note. Barring FMCG, all the sectoral indices are trading in the green. Oil & gas and consumer durable stocks are trading on a firm footing.
BSE-Sensex is currently trading up by about 225 points (up 0.78%), while the NSE-Nifty is higher by about 63 points (up 0.72%). The BSE Mid Cap has opened the day in green, up by 0.63% and BSE Small Cap has opened strong, up by 0.84%. The rupee was trading at Rs 62.04 to the dollar.
Majority of the FMCG stocks are trading in the green with Jyothy Labs and Lakshmi Energy being the major gainers. However, Colgate and Emami are among the few stocks trading in the red. As per a leading financial daily, Godrej Consumer Products Ltd (GCPL) has increased its stake in Darling South Africa and Mozambique businesses to 90%. This is line with the company's aim of scaling its ownership in the Darling business. The Darling Group has a presence in 14 countries and sells hair extension products under the brands Darling and Amigos. The company has recently acquired South Africa's hair extension business Frika Hair to consolidate its market share in South Africa. As per the company, the South African business currently contributes revenues of $ 2 bn. GCPL had acquired 51% stake in Darling South Africa and Darling Mozambique in 2011. GCPL stock is currently trading up by 1.6%.
Most of the automobile stocks are trading up with Force Motors and TVS Motors being the major gainers. As per a leading financial daily, Tata Motors is developing its own quadricycle with a new petrol engine. under the 'project Bravo' . Reportedly, the quadricycle would be based on Tata's Iris light commercial vehicle platform and is slated to hit the roads in 2018. In this category, Bajaj Auto already has a lead with RE60. Even Piaggio and Mahindra are in a fray to develop their own quadricycles. It is to be noted that Tata Motors had earlier criticized quadricycles for being low in safety standards.