M&M stock tanks nearly 4% as December volume growth drags
M&M stock tanks nearly 4% as December volume growth dragsMahindra and Mahindra Limited (M&M) reported total volume growth of 1% yoy (down 12% mom) in December 2018. It sold 39,755 units (domestic + exports) in December 2018 against 39,200 units in December 2017 and 45,101 units in November 2018. Total volumes missed BloombergQuint poll estimate of 44,500 units. Domestic volumes were down 1% yoy (down 12% mom) at 36,690 units, while exports were up 38% yoy (down 13% mom) at 3,065 units.
Commercial vehicles (CV) and Passenger vehicles (PV), which contribute 80% to total volumes, declined 3% yoy and 4% yoy respectively. The 3% yoy decline in PV sales and more specifically 4% yoy decline in SUV sales was despite the launch of Alturas G4 (SUV) in November 2018.
Ashoka Buildcons arm to receive annuity payment from KRDCL
Ashoka Buildcon in its filing to the exchanges on Tuesday informed that its subsidiary Ashoka Bagewadi Saundatti Road Limited is entitled to receive annuity amount from Karnataka Road Development Corporation Limited (KRDCL) as the arm executed Commercial Operation Date (CoD) of its Hybrid Annuity Mode project.
Accordingly, the company's subsidiary is eligible for receipt of annuity payment from KRDCL within six months from the date of achievement of COD i.e. six months from October 01, 2018, the company said in a press note.
Escorts reports 28% yoy growth in tractor sales in December; stock up 1%
Escorts Limited (Escorts), one of Indias leading agricultural equipment manufacturers, reported strong volume numbers in December 2018. It sold 4,598 tractors in December 2018.
Total volumes for the month were higher 28% yoy and lower 43% mom. The company sold 4,212 tractors in the domestic market in December 2018, up 21% yoy and down 45% mom. Export volume was 386, up 197% yoy and 6% mom. For the quarter (Q3FY19), the company sold 25,743 tractors, up 36% yoy and 22% qoq.
UCO Bank gets Rs3,076cr capital infusion from govt; stock surges 10%
Shares of UCO Bank rallied 10% on the BSE in morning trade. The bank said the central government has infused Rs3,076cr of capital into it by way of preferential allotment. The government "has conveyed its decision to invest Rs3,074cr in the equity of the Bank by way of preferential allotment and Bank has received the amount on Monday," the bank said in a BSE filing.
The government cut subsidized LPG rates by Rs5.91
The government has announced a reduction in both subsidized and non-subsidized LPG rates by Rs5.91 and Rs120.50, respectively. This is the second straight reduction in December month. With this, from midnight on Monday, a 14.2kg subsidized LPG cylinder will cost Rs494.99 in Delhi, while non-subsidized LPG will now cost Rs689/14.2kg in Delhi, the government data showed. The government on December 01, 2018 had trimmed subsidized LPG price by Rs6.52/cylinder, while non-subsidized LPG rate was cut by Rs133. The decision has probably been taken due to a fall in the price of LPG in the international market and appreciation in the rupee.
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