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ET Intelligence Group: Stats are often known to conceal more than they reveal. Otherwise, when a company posts a net loss in the vicinity of $2 billion for the year, only the eternal optimist would search for positives in the red ink.
But that’s where headline numbers might be downright misleading.
Tata Motors, India’s biggest automotive group, may have logged losses but they fail to reflect the robust operating performance at the maker of JLR, which took one-off write-downs as part of the strategy to take the big cat Jaguar all electric.
Restructuring costs at JLR were cumulatively around ₹15,000 crore, contributing to the ₹13,395 crore net loss for FY21. In February, JLR has already indicated it would incur £1.5 billion of exceptional charges due to the Reimagine strategy. JLR, the maker of Range Rover and Discovery, has witnessed improvement on cost metrics, cash generation and demand enhancement. Operating profit (EBIT) margin of JLR rose to 7.5% in Marc
Indiabulls Housing Finance, Prism Johnson, Mas Financial Services, TCI Express, JK Tyres and Heritage Foodsare among companies that will announce their March quarter results today.
Here are the top stocks to track in today s session:
Earnings Today: IOC, Indiabulls Housing Finance, JK Tyre & Industries, Tanla Platforms and Zuari Agro Chemicals are among 25 companies slated to post their March quarter results today.
Tata Motors: Auto major Tata Motors reported a surprise consolidated net loss of Rs 7,605 crore for the quarter ended March 31, 2021, mainly on account of asset write downs in subsidiary Jaguar Land Rover (JLR). According to a consensus estimate of Bloomberg, Tata Motors was expected to report a net profit of Rs 2,774.10 crore.
Axis Bank: The government will sell nearly 2 per cent stake in Axis Bank held through Specified Undertaking of the Unit Trust of India (SUUTI), a move that’s expected to fetch around Rs 3,969 crore to the exchequer in divestment receipts. The government will sell its 1.21 per cent stake or 36 million shares in Axis Bank with the floor price set at Rs 680 a share.
Shares of Tata Motors, on Tuesday, were up 3 per cent to Rs 332, while Tata Motors DVR (differential voting rights shares) hit a fresh 52-week high of Rs 156, up 3 per cent on the BSE in intra-day trade on Tuesday ahead of its January-March quarter (Q4FY21) earnings today. Tata Motors share hit a 52-week high of Rs 357 on March 3, 2021.
In today s meeting, the board would also consider a proposal for raising funds by way of issue of one or more instruments including convertible securities of any description or debt securities, through preferential issue, private placements, rights issue or any other methods or combination thereof in the domestic and/or international markets.
Tata Motors Sales April 2021: A 41 per cent drop was recorded in domestic sales month-on-month
Tata Motors reported its monthly auto sales on Saturday, May 1, reporting 39,530 units sold in April 2021, marking a 41 per cent month-on-month drop in total domestic sales, compared to the previous month of March. Tata Motors domestic sales in March 2021 stood at 66,609 units. According to a regulatory filing by the company to the BSE on Saturday, Tata Motors sales in the domestic and international market for April 2021 stood at 41,858 vehicles. (
According to the statement, Tata Motors sales of domestic commercial vehicles (CV) in April 2021 stood at 16,644 units, registering a 59 per cent drop month-month, compared to 40,609 units sold in March 2021. The commercial vehicles sale included passenger carriers, SCV cargo pickup, exports. The exports of commercial vehicles stood at 2209 units in April 2021, marking a 40 per cent drop month-on-month, compared to 3654 units in March 2