Tata Motors gains 5% as JLR expects earnings to improve in Q4
Posted on 1st April 2019 |
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Shares of Tata Motors were trading 5 per cent higher at Rs 183 on the BSE in early morning trade after the company’s wholly-owned subsidiary Jaguar Land Rover (JLR) said it expects improved financial results for the quarter ended March 2019 (Q4FY19).
In comparison, the benchmark S&P BSE Sensex was up 0.62 per cent at 38,913 level at 09:39 am.
“The Company reaffirms that it expects improved financial results in the fourth quarter period to March 31, 2019, compared to the first nine months of the financial year, with significant positive cash flow in the fourth quarter,” JLR said on Friday, March 29, 2019 after market hours in a regulatory filing.
The company continues to execute its product plans and Project Charge turnaround strategy to deliver 2.5 billion pounds of cash flow improvements by March 2020, it added.
JLR issued the statement in connection with S&P's decision last week to downgrade the Company to 'B+' with credit watch negative.
S&P Global Ratings had downgraded the credit rating of Tata Motors and its wholly-owned subsidiary JLR, citing weak profitability, Tata Motors said Thursday.
Analysts at JP Morgan have ‘hold’ rating on the stock on the expectation of faster-than-expected volume growth in JLR; platform consolidation/cost reduction efforts to aid margins; faster-than-expected recovery in India commercial vehicle (CV) volumes/market share; and PV business profitability.
“JLR faces multiple challenges, such as WLTP changeover (emission norm) led supply distortions in the UK and Europe, intense competition in the European luxury car market, a slowdown in China, especially for SUVs and rising incentives for luxury cars, Dieselization, and Brexit and trade tensions. We consider the India turnaround commendable with strong growth and market share gains across both CV and passenger vehicle (PV) segments. The company’s strategic initiatives around network expansion, improved customer/ dealer engagement and plugging portfolio gaps have yielded positive results,” the brokerage firm said in a report dated March 8, 2019. |
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Bharti Airtel defers Q2 results till Nov 14 over ambiguity on AGR verdict
Posted on 29th October 2019 |
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Bharti Airtel said on Tuesday it has postponed its second-quarter earnings report to mid-November, as the wireless operator sought clarity on the court ruling asking telecom firms to cough up overdue payments to the government.
Shares of the company, which was expected to release its quarterly numbers later in the day, dropped 3.3 per cent in early trade. |
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Rupee slips 8 paise vs US dollar in early trade amid drop in oil prices
Posted on 7th October 2019 |
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The rupee on Monday opened eight paise lower at 70.96 against the US dollar amid drop in crude oil prices and rise in Asian equities. The domestic unit on Friday closed almost flat at 70.88 against after the Reserve Bank of India (RBI) in a widely expected move cut key interest rates by 0.25 percentage point. On a weekly basis, the local unit slumped by 32 paise. |
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LIC pips private insurers in first-year premium growth during April-August
Posted on 13th September 2019 |
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In the first five months of the current financial year, first-year premiums of life insurance companies grew by 39.84% (year-on-year) at Rs 1.05 lakh crore as compared to Rs 75,588.35 crore in April-August of 2018-19. Life Insurance Corporation of India (LIC) continued to grow at a faster pace compared to private insurance players, shows the data from the Insurance Regulatory and Development Authority of India (Irdai). |
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Apollo Hospitals rules out further stake sale
Posted on 13th September 2019 |
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Apollo Hospitals Enterprise (AHEL) has ruled out further dilution of promoters’ stake in the company. The company also said its Rs 1,337-crore stake sale of Apollo Munich Health Insurance with mortgage major HDFC will be concluded by October. Following these stake sales, the promoters’ pledged position will come down from a high of 76% to 54% by October and eventually to 20% by November or December, company sources said here. |
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World trusts India on Kashmir, not us: Pakistan minister Ijaz Ahmed Shah
Posted on 13th September 2019 |
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In a major embarrassment for Pakistan and its Prime Minister Imran Khan, the country's Interior Minister Ijaz Ahmed Shah, a retired brigadier, said the international community didn't believe Pakistan's narrative on Kashmir; instead it is India whose version is trusted. |
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