Tag: Tata Group

Tata Motors skids over 2% on muted January sales

Tata Motors skids over 2% on muted January sales

02/02/2017 12:09

Shares of Tata Motors fell over 2 per cent on the Bombay Stock Exchange after the auto major said that its passenger and commercial vehicle total sales (including exports) in January 2017 were at 46,349 vehicles, a decline of 1 per cent over 47,035 vehicles sold in January 2016.

The company’s domestic sales of Tata commercial and passenger vehicles for January 2017 registered flat growth at 41,428 nos., over January 2016.

Weighed down by soft January sales, shares of company declined as much as 2.51 per cent to hit intra-day low of Rs 528.10 apiece on Bombay Stock Exchange.

In a similar fashion, stocks of firm dipped 2.26 per cent to Rs 530.00 apiece on the National Stock Exchange.

Meanwhile, the broader benchmark BSE Sensex was trading at 28,090.39, down 51.25 points, or 0.18 per cent, at 12:00 hours.

Tata cos continue to benefit from rating uplift, despite board reshuffle

Tata cos continue to benefit from rating uplift, despite board reshuffle

30/11/2016 11:53

Moody’s Investors Service, a global rating agency, has said that the ratings of four Tata Group operating companies continue to benefit from uplift from the group’s main holding company, Tata Sons (unrated), despite the group’s ongoing board reshuffle.

“We expect that Tata Sons can continue to extend support to its key operating companies, should the need arise, owing to its substantial cash holdings and the significant value of its listed equity investments, and despite an ongoing boardroom reshuffle,” says Kaustubh Chaubal, a Moody’s Vice President and Senior Analyst.

Consequently, the ratings of the group’s four operating companies — Tata Motors Limited (Ba1 stable), Tata Chemicals Limited (Ba1 stable), Tata Steel Ltd. (Ba3 negative) and The Tata Power Company Limited (Ba3 negative) — will continue to include a one notch uplift, based on Moody’s assessment of support for the companies from Tata Sons, in times of need.

As for Tata Consultancy Services Limited (A3 stable), Tata Group’s flagship subsidiary, the company’s rating reflects its intrinsic credit strength.

In Moody’s view, it is business as usual at the rated Tata companies, which are listed entities, in spite of the leadership change. Moody’s says that it does not expect any change in the operating and long-term strategy of the Tata companies.

“Nonetheless, any change in group strategy or in the strategy of the operating companies — which in our view increases their risk appetite — could exert pressure on the Tata companies’ ratings,” adds Chaubal.

Moody’s also says that a change in Tata Sons’ support policy for its group companies could also affect the Tata Group operating companies’ ratings.

Moody’s report comes after Tata Sons replaced its chairman, Cyrus Mistry, with his predecessor, Ratan Tata. Tata Sons is also seeking to remove Mistry from the boards of four rated group companies and independent director, Nusli Wadia, from the boards of three rated group companies.

Rallis India Q4 net jumps 51 pct at Rs 32.25 cr

Rallis India Q4 net jumps 51 pct at Rs 32.25 cr

27/04/2016 11:38

Tata Group firm Rallis India has reported a 51.3 per cent increase in its consolidated net profit at Rs 32.25 crore for the March quarter.

It had posted a net profit of Rs 21.32 crore in the same period last fiscal, the company said in a filing to the Bombay Stock Exchange.

Total income from operations rose to Rs 348.28 crore in the January-March period of 2015-16 compared with Rs 320.41 crore in the same period last year.

Commenting on the performance, Rallis India, Managing Director and CEO V Shankar said, “Our continued focus on quality of operations have not only held on to the margins but significantly improved our working capital situation. With emphasis on cash, we are now at zero debt status.” The board of the company has recommended dividend of Rs 2.50 per share (250 per cent) for the shareholders of the company.

Meanwhile, shares of the company were trading at Rs 198.40 apiece, up 2.43 per cent from the previous close at 11:38 hours on BSE.