Key benchmark indices edged higher in early trade tracking gains in Asian markets. At 9:17 IST, the barometer index, the S&P BSE Sensex was up 132.83 points or 0.5% at 26,912.49. The 50-unit CNX Nifty was up 39.75 points or 0.49% at 8,147.65. The BSE Mid-Cap index was up 0.57%, outperforming the Sensex. The BSE Small-Cap index was up 0.48%, underperforming the Sensex.
In overseas stock markets, Asian stocks edged higher. US stocks closed lower yesterday, 14 October 2015, as investors digested earnings reports and weighed weaker-than-expected data.
Closer home, Tata Motors rose 1.62% at Rs 358. The company announced after market hours yesterday, 14 October 2015, that its UK based luxury car unit Jaguar Land Rover's retail sales rose 3% to 47,634 vehicles in September 2015 over September 2014. Jaguar delivered a solid performance in the month, with sales jumping 22% to 10,394 vehicles in September 2015 over September 2014. The increase reflects strong sales of the all-new Jaguar XE sports saloon in markets in which it has gone on sale since May, with China sales only starting in September and US sales starting in 2016. Land Rover retail sales fell 1% to 37,240 units in September 2015 over September 2014.
Jaguar Land Rover's retail sales fell 1% to 110,200 vehicles in Q2 September 2015 over Q2 September 2014, as continuing strong performance in Europe, up 34%, North America, up 23%, and the UK, up 9%, helped offset lower sales in Overseas (including Russia, Brazil, and MENA) and China markets, down 12% and 32% respectively. The lower sales in China in Q2 September 2015 reflect the continued accelerated slowing of economic conditions in China, together with planned new model transitions.
In addition, as previously reported, Jaguar Land Rover had about 5,800 vehicles stored at the port of Tianjin at the time of the explosion and tragic loss of lives in August. Many of these vehicles were destroyed or damaged. Given the exceptional nature of this event, Jaguar Land Rover is still assessing the damages and it may be some time before the company knows what insurance and other recoveries will be. In these circumstances, there is likely to be a one-time exceptional charge in Q2 September 2015 before any potential recoveries in subsequent quarters. The overall Q2 performance has been affected as a result of the above factors. Jaguar Land Rover remains confident about the future and in the second half of the year ending 31 March 2016 (FY 2016) plans to continue to build on the successful launches of the Land Rover Discovery Sport, the Jaguar XE and the new Jaguar XF, as well as launch the new 16 Model Year Range Rover Evoque and Jaguar XJ, followed by the recently unveiled Jaguar F-Pace in late Q4 FY 2016.
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