Tata Motors reported a consolidated net loss of Rs 8,438 crore against Rs 3,698 crore in the corresponding quarter of last year.
Analysts expect the company to turn profitable only in Q4FY21
He takes over from Ralf Speth at a time when auto demand remains under pressure and JLR continues to battle multiple headwinds
The UK's Treasury department plans to set up a bad bank or asset resolution fund to hold stakes in companies that it may end up part-owning
The ratings agency further said it views positively the management's focus on conserving cash amid the changes in operating conditions
The company launched the much-anticpated Harrier 2020 at an introductory price of Rs 13.69 lakh for Manual and Rs 16.25 lakh for Automatic.
There are currently just under 4,000 employees at Halewood, excluding agency staff, and the latest announcement is likely to affect around 500 jobs at the site, the company said
In the past one month, Tata Motors' stock hsa outperformed the market by surging 18 per cent, as compared to 2 per cent rise in the S&P BSE Sensex
The stock hit a 52-week low of Rs 106 on September 4, 2019.
The stock has now surged 73 per cent from its 52-week low of Rs 106, touched on September 4, 2019 on the BSE
The stock was trading at its highest level since May 28, 2019
Global wholesales of JLR stood at 47,278 units. Jaguar wholesale units for the month were 12,367 vehicles, while Land Rover wholesales stood at 34,911 units.
Analysts at Antique Stock Broking believe margin/volume/revenue/cash flow will further get amplified in coming quarters with the start of Defender delivery and ramp-up of new Evoque across markets.
The auto major is expected to post subdued numbers for the quarter under review as as tough business conditions prevailed in all key geographies and market segments.
Crisil on Wednesday downgraded the rating of Tata Motors by a notch to 'AA-' on weakening of outlook on the business risk profile of Jaguar Land Rover (JLR). The long term rating of the company has been downgraded from 'AA' to 'AA-' with negative outlook, Tata Motors said in a regulatory filing. The rating action is based on the weakening of outlook on the business risk profile of JLR, it said. Earlier this week, global ratings agency S&P reaffirmed Tata Motors' long-term issuer and issue credit ratings at 'B+' and kept the outlook negative due to high cash burn at its British arm Jaguar Land Rover and geopolitical risks.
The stock has underperformed the market in the last three months, by falling 38 per cent from its recent high of Rs 236 on April 18, 2019.
Market participants should focus on the current demand trends for JLR and outlook for key markets, update on cost-cutting initiatives at JLR, and demand trend in domestic markets
The stock dipped 5% to Rs 253 in intra-day trade after the CEO of JLR reportedly warned that a hard Brexit would cost 1.2 billion pounds.
The stock was up 2.4% to Rs 312, extending its past two days 7% rally on the BSE.