Tata Motors JLR sales down 9.6% yoy in June
Shares of Tata Motors slipped 3% in the last hour of the trading session on Wednesday. Jaguar Land Rover total retail sales for Q1FY2019-20 were 128,615, down 11.6% compared to the same period last year.
Jaguar Land Rover retail sales in June 2019 were 47,060 vehicles, down 9.6% compared to June 2018.
Retail sales were up in the UK (4.6%) but down in other regions including North America (-9.0%), Europe (-11.7%), China (-12.3%) and in Overseas markets (-18.6%), reflecting generally weaker industry conditions. While China sales remained down in June on yoy basis, sales there were up 23.1% from May. Jaguar Land Rover UK sales set a new record for June, despite the industry being down 4.9%.
McLeod Russel touches lower circuit after lender invokes pledge
Shares of McLeod Russel touched lower circuit at Rs11.40 on the BSE and trading at 52-week low on the BSE after lender acquired a stake in the company by invoking a pledge on shares.
There were pending sell orders of 10,005 shares, with no buyers available on the BSE.
Vistra ITCL (India) is a trustee for the joint lenders namely, 1) IL&FS Financial Services Ltd, 2) IL&FS Infrastructure Debt Fund and 3) Aditya Birla Finance Ltd.
Promoter Williamson Financial Services had pledged its 3.78% stake (out of 4.96%) with Vistra against borrowings.
NCLAT dismisses HDFC plea seeking insolvency against RHC Holding
The National Company Law Appellate Tribunal (NCLAT) on Wednesday rejected a petition by HDFC for beginning insolvency proceedings against RHC Holding, which is promoted by Malvinder Mohan Singh and Shivinder Mohan Singh. Shares of HDFC are trading flat with a negative bias post the news annoucement.
A two-member bench headed by Chairman Justice S J Mukhopadhaya upheld the order of the principal bench of the National Company Law Tribunal (NCLT) which had dismissed HDFC's plea against the Singh Brothers.
NCLAT stated that it found "no merits" in the petition and that NBFCs come under the regulation of the RBI and would be required to seek remedies from RBI itself and not the bankruptcy court.
TCS stock drops ~2% post Q1FY20 numbers
Shares of Tata Consultancy Services Ltd (TCS) dropped 2% in morning trade on Wednesday after the company reported a mixed set of numbers for Q1FY20 with a marginal miss coming on revenue and EBIT margin fronts.
The company PAT grew by 0.1% qoq and 10.8% yoy to Rs8,131cr vs. median consensus estimates of Rs7,839cr.
Constant currency (cc) revenue grew by 10.6% yoy and dollar revenue came in at $5,485mn (+1.6% qoq and +8.6% yoy).
EBIT stood at Rs9, 220cr, down 3.3% qoq but up 7.5% yoy against median consensus estimate of Rs9, 358cr. EBIT margin contracted by 94bps qoq and 88bps yoy to 24.2%.
NLC India operations commence for 63MW solar capacity under TANGEDCO
Shares of NLC India fell 2% in the morning trade after the company received from TANGEDCO on July 10, 63MW capacity out of the 100 MW Solar PV power plant at Therkkupatti and Subbiahpuram Village, Manur Taluk, Tirunelveli District, Tamil Nadu.
Out of 709 MW, solar power projects awarded by TANGEDCO have been successfully commissioned and that the commercial operation has been declared with effect from July 7, 2019, the company added.
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