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Mahindra & Mahindra slips 5% on muted December quarter results
Posted on 10th February 2020
Shares of Mahindra & Mahindra (M&M) slipped 5 per cent to Rs 538 on the BSE on Monday after the automaker reported a 73 per cent year on year (YoY) drop in its consolidated net profit at Rs 380 crore in December quarter (Q3FY20). It had net profit of Rs 1,396 crore in the year-ago quarter. The stock was the top loser among S&P BSE Sensex index at 11:37 am.

The company’s reported net profit during the quarter was impacted by Rs 600 crore due to the provisions made towards impairment of certain investments. Its consolidated revenues declined 6 per cent at Rs 12,120 crore on YoY basis. Operating margin improved to 14.8 per cent from 13.2 per cent in the corresponding quarter of previous fiscal.

The management said the unseasonal rains in the month of October 2019 did some damage to the Kharif crop, but the sentiment in the agri and rural economy is fairly upbeat with good sowing of Rabi crops supported by very good water reservoir levels and government announcement for thrust on infra projects.

“In our view, M&M is well placed to further increase its market share in the domestic tractor segment as industry outlook has turned positive for FY21e with signs of South and West market leading the recovery. Although automotive segment has yet not regained their past mojo, sharp inventory clearance and a planned approach towards BSVI transition has reduced sharp discounting fears in Q4 (January-March),” analysts at Antique Stock Broking said.

M&M’s earnings before interest, tax, depreciation, and amortisation (Ebitda) margin surprise came in due to lower-than-estimated other expenses (at a 10-quarter low) while gross margins contracted quarter on quarter as we had expected. The consolidated automotive EBIT margin contracted 3.8 per cent; lower than -3 per cent in Q2FY20, owing to expansion of losses at Ssangyong, analysts at Elara Capital said.

The utility vehicle segment would face market share pressures in FY21, owing to heightened competition, in our view. The tractor segment has seen some green shoots in the past three months, the brokerage firm said with ‘buy’ rating on the stock.

In the past two days, M&M's stock plunged 8 per cent, after SsangYong Motor Co. on Friday said its net losses widened in the fourth quarter from a year earlier due to lower demand. M&M owns a 74.65 per cent stake in SsangYong Motor.

Other Latest News
Oil prices skids after Saudi-Russia talks, stocks jump on Covid-19 slowdown
Posted on 6th April 2020
Oil prices skidded on Monday after Saudi-Russian negotiations to cut output were delayed, keeping oversupply concerns alive, while stocks jumped as investors were encouraged by a slowdown in coronavirus-related deaths and new cases.

In currency markets, sterling fell after the British Prime Minister was admitted to the hospital following persistent coronavirus symptoms as the pandemic rapidly spreads.

Coronavirus outbreak: Govt gives approval to 13 states to procure pulses
Posted on 6th April 2020
The Central government has given a blanket approval to 13 states to immediately start procuring chana (gram) and masoor (lentil), the two big pulses grown during the rabi season. The Centre has also cleared Rs 1,250 crore for purchasing around 258,000 tonnes of both the pulses.

These 13 states won’t require any formal approval from the Centre before starting procurement. The states can start procuring up to 25 per cent of the produce immediately, without waiting for a formal clearance of their proposal from the Centre.

UNSC likely to discuss coronavirus crisis this week after 9 members call for meet
Posted on 6th April 2020
A pandemic that has so far claimed nearly 70,000 lives and has affected over 12.7 lakh people globally, putting almost half of the world's population under lockdown, is yet to be discussed by the United Nations in what is seen as a failure of the world body in a time of such an unprecedented crisis. This may, however, change soon with the United Nations Security Council (UNSC) likely to discuss the novel coronavirus outbreak this week.

The UNSC in its release on the this week's agenda has said that it could discuss the COVID-19 pandemic. A meeting this week on this issue is possible.

PF subscribers can now rectify date of birth online using Aadhaar
Posted on 6th April 2020
The Provident Fund subscribers can now rectify their date of birth in EPFO records to ensure that their UAN is KYC compliant, the Employees Provident Fund Organisation (EPFO) said on Sunday.

EPFO has issued revised instructions to its field offices in this regard.

The decision has been taken to extend the availability and reach of online services in the wake of the COVID-19 pandemic.

Coronavirus Pandemic: Italy, Spain see drop in daily death toll
Posted on 6th April 2020
Italy and Spain, the two European nations with the highest coronavirus death toll, saw a significant drop in the daily casualty numbers on Sunday, with officials hoping the trend to continue.

In Italy, daily coronavirus death toll plunge to its lowest in over two weeks. The 525 official COVID-19 fatalities were the lowest in the country since 427 deaths were registered on March 19.

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