Tamil Nadu govt moves SC for the closure of Vedanta Tuticorin unit: Media reports
Shares of Vedanta slipped 4% on Wednesday after media reports said that the Tamil Nadu (TN) government moved the Supreme Court against the order of National Green Tribunal (NGT) allowing the company to re-open Sterlite's Tuticorin unit. On December 15, NGT had trashed the state governments order for closure of the plant citing non-sustainable and unjustified as a reason. The plant was at the centre of massive protests over alleged pollution.
TVS Motor misses volume expectations due to a slowdown in motorcycle and scooter sales
TVS Motor Company Limited (TVSM) reported lower-than-expected volume numbers in December 2018, missing consensus expectation. Total volume was up 6% yoy (down 15% mom) in December 2018. This was the slowest monthly yoy growth rate since October 2017. The company sold 2,71,395 vehicles in December 2018, against 2,56,870 vehicles in December 2017 and 3,19,965 vehicles in November 2018. Total volume missed BloombergQuint poll estimate of 2,91,000 vehicles. Three wheelers (3W) volumes continued to gallop, growing 37% yoy (down 1% mom) in December 2018. However, all three sub-segments of two-wheelers (2W) witnessed a slowdown. Scooter volume was up 9% yoy (down 18% mom), while motorcycle volume was up 13% yoy (down 11% mom). These were multi-month low growth rates for these sub-segments. Moped sales declined 13% yoy (down 20% mom). TVSM fared better than Hero MotoCorp (HMCL), which saw 4% yoy (26% mom) decline in 2W December volumes. Bajaj Auto (BJAUT) was clearly an outlier, with 2W volumes up 31% yoy (down 14% mom).
Jet Airways defaults on debt payment to banks
Shares of Jet Airways were down 2% in late morning trade on Wednesday as the debt-ridden airline company delayed the payment to a consortium of Indian banks led by the State Bank of India (SBI). "The payment has been delayed due to temporary cash flows mismatch and the company has engaged with the banks in relation to the same," the airline company said in a press note aftermarket hours to the exchanges on Tuesday.
Power Grid arm announces transmission system project Vindhyachal-V
PowerGrid Jabalpur Transmission Limited, a 100% wholly owned subsidiary of Power Grid Corporation of India Limited, has successfully commissioned transmission system strengthening associated with Vindhyachal-V.
The company made the announcement on Tuesday evening, post market hours. The project includes establishment of Vindhyachal pooling station - Jabalpur pooling station 765kV double circuit transmission line on a build, own, operate and maintain (BOOM) basis.
LIC Housing Chairman V.K. Sharma resigns
LIC Housing Finance said that V.K. Sharma has resigned as Chairman of the company from December 31, 2018, after superannuation from the services of LIC. I shall be laying down office as Chairman of Life Insurance Corporation of India today. I, therefore, tender my resignation from the Board of Directors of the Company with immediate effect. I take this opportunity to thank you and Members of the Board for all the kindness and consideration shown to me during my tenure on the board, the company said in a regulatory filing.
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