Tata Motors gains 5% as JLR expects earnings to improve in Q4
.jpg)
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.
Other Latest News
.webp)
Shiv Sena (UBT) chief Uddhav Thackeray on Wednesday hit out the BJP, saying that by inducting former Congress leader Ashok Chavan, the ruling party has also become a part of the multi-crore Adarsh Housing Society scam now. Earlier, the BJP used to target Chavan saying the families of martyrs were fooled in the Adarsh scam, but now the same party is involved in fooling them, he alleged.
Thackeray was addressing a press conference at Nanded in Maharashtra, where he arrived to campaign for the Maha Vikas Aghadi (MVA) candidate Vasant Chavan from the Nanded Lok Sabha constituency.
.webp)
Jamie Dimon, the chief executive of US banking giant JPMorgan Chase, has praised Prime Minister Narendra Modi and berated the “liberal press” for criticising him.
Dimon, in a webinar hosted by The Economic Club of New York, praised Modi's government for alleviating poverty and implementing reforms. “Modi has done an unbelievable job in India. I know the liberal press here; they beat the hell out of him. “He has taken 400 million people out of poverty," Dimon was quoted as saying.
.webp)
The Reserve Bank of India (RBI) on Wednesday released a compiled master direction raising the minimum capital requirement for asset reconstruction companies (ARCs) to begin securitization to Rs 300 crore from Rs 100 crore as on October 11, 2022.
The central bank said that the regulation would be effective from April 24, 2024. ARCs, as on October 11, 2022, have been provided a glide path to achieve the minimum required Net Owned Fund (NOF) of Rs 300 crore.
.webp)
Reliance Jio has become the world's largest mobile operator in data traffic consumption, surpassing China Mobile. According to global analytics firm Tefficient, the Indian telecom operator's total traffic reached 40.9 exabytes in the January-March quarter, compared to China Mobile's 38.
Jio also has the second-largest 5G subscriber base globally, with 108 million users. More than 28 per cent of its total wireless data traffic is now consumed by 5G users, said the company in an analyst presentation.
.webp)
Congress leader Rahul Gandhi on Wednesday accused Prime Minister Narendra Modi of waiving off loans worth Rs 16 trillion of his billionaire friends, and said the country will never forgive him for this "crime".
In a post in Hindi on X, he said this money could have been used to cure the pain of Indians but was spent on creating hype for the ilk of those like 'Adanis'.
.webp)
.webp)
.webp)
.webp)
.webp)
