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TVS Motor slides 6% as coronavirus outbreak set to impact February output
Posted on 25th February 2020
Shares of TVS Motor Company slipped 6 per cent to Rs 410 on the BSE on Tuesday after the two and three-wheelers manufacturer said the outbreak of pandemic Coronavirus (COVID-19) in China will lead to 10 per cent drop in its planned production in February. The stock was trading at its lowest level since October 17, 2019.

In the past one month, TVS Motor has underperformed the market by falling 12 per cent, as compared to 3 per cent decline in the S&P BSE Sensex.

"Coronavirus has led to impact on supply of certain components for production of BS-VI vehicles. China is a key part of the global automobile supply chain," TVS Motor said in an exchange filing post market hours yesterday.

While the company’s direct dependency on China is limited for components, some Tier II suppliers have been impacted adversely which will lead to 10 per cent drop in the planned production in February 2020. All efforts are on to normalise this at the earliest, the company said.

Commenting on the development, the company's Director & CEO KN Radhakrishnan said, "To minimise the impact on production of BS-VI vehicles, we are consistently monitoring developments with those of our suppliers who are sourcing certain components from China. Parallelly, we are also exploring suppliers in other regions and are looking to localise within India.”

According to a Crisil estimate, around 18 per cent of automobile component imports and nearly 30 per cent of tyre imports come from China. Automotive Component Manufacturers Association of India (ACMA) says India imported around $ 4.2 billion of auto components in 2019 from China.

"Companies have stocked up inventories in anticipation of the Chinese New Year. Hence, the virus outbreak is expected to cause limited disruption in the fourth quarter of fiscal 2020, as Indian auto original equipment manufacturers (OEMs) tend to have import inventories for 30-60 days. But lack of even a single critical component such as printed circuit boards can hurt an OEM’s ability to manufacture vehicles," the rating agency said.

At 9:40 am, the stock was trading 5.6 per cent lower at Rs 413. In comparison, the benchmark S&P BSE Sensex was flat. Almost 19 lakh shares so far have changed hands on the BSE and NSE combined.
Related Companies: TVS Motor Company   

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Posted on 3rd April 2020
Prime Minister Narendra Modi on Friday addressed the nation through a video message, in which he appealed to the citizens of India to come together to defeat the threat of the coronavirus disease (COVID-19) crisis, that is spreading like wildfire across the nation.

In a unique proposition, the Prime Minister asked every citizen to switch off all lights at their residences on April 5 at 9 PM for nine minutes and instead light a candle, a 'Diya', or their mobile's flashlights to mark India's fight against coronavirus.

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Posted on 3rd April 2020
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In the letter, the CMO said that the inmates who have been put under observation are misbehaving with the hospital staff.

960 foreigners linked to Tablighi Jamaat blacklisted, visas cancelled
Posted on 3rd April 2020
Taking stringent action against the Tablighi Jamaat, Nizamuddin, the Centre on Thursday blacklisted 960 foreigners and cancelled their tourist visas after over their involvement in Jamaat activities. The government also said that necessary legal action will be taken against them.

Under the directions of Union Home Minister, Shri Amit Shah, the Ministry of Home Affairs (MHA) has blacklisted 960 foreigners, present in India on tourist visas, for their involvement in Tablighi Jamaat activities, the Ministry of Home Affairs said in an official statement.

British Airways to lay off 28,000 employees, 60% of its workforce
Posted on 16th March 2020
The United Kingdom's flagship airline British Airways (BA) will temporarily lay off 28,000 employees, which is a staggering 60% of its entire workforce, news agency PTI reported. The move comes amid the coronavirus disease (COVID-19) crisis which is spreading like wildfire across the world and paralysing the airline sector, among several others.

The airline, which has grounded most of its fleet due to the coronavirus, has been locked in talks with unions for more than a week.

Coronavirus: Total confirmed COVID-19 cases cross 10 lakh worldwide; more than 50,000 dead
Posted on 3rd April 2020
The number of 'confirmed' coronavirus disease (COVID-19) cases in the world crossed 10 lakh around late Thursday night, with the Coronavirus Resource Center at the John Hopkins University putting the total number of confirmed cases worldwide at 1,014,673 on Friday at 7 AM.

It is worth noting that it just took a little over 24 hours for the number of global cases to jump from nine lakh to 10 lakh.

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