-
CEAT stocks were trading 4.12 per cent up at Rs 1306.55 (9.41 am) as Singapore-based fund management company Amansa Holding Pte has increased its stake in tyre major Ceat to over 5 per cent by acquiring 1.17 per cent stake through secondary market purchase.
-
Tata Motors: Tata Motors-owned Jaguar Land Rover (JLR) recorded strong volume performance in February 2016. The company’s monthly retail volume grew by 30.7 per cent year-on-year (YoY) to 37,494 units in February 2016. Jaguar’s volume rose 49.6 per cent YoY to 6,738 units, mainly due to incremental volumes of new XE, while Land Rover grew by 27.2 per cent YoY to 30,756 units, supported by new Discovery Sport. In addition to incremental volume from new launches, growth driver in the month were New RR Sport (up 7 per cent YoY) and Defender (up 14 per cent YoY). Karvy Stock Broking is bullish on Tata Motors. It said, “We expect JLR to continue its positive momentum across majority of markets on the back of success of new launches at regular intervals. We reiterate our ‘Buy’ recommendation on Tata Motors with 30 per cent upside from the current market price. On March 9, Tata Motors shares were trading at Rs 347.75. (Image Source: Reuters)
-
SpiceJet: In the past one year, the share price of SpiceJet surged 200 per cent to Rs 63.80 on March 9. For the quarter ended December 2015, the company reported net profit of Rs 238.40 crore, up 186.68 per cent, against net loss of Rs 275.03 crore in the corresponding quarter a year ago.JM Financial initiated coverage of SpiceJet shares with ‘Buy’ rating, valuing the stock at 6.5x FY18E EV/EBITDAR (7 per cent discount to Indigo) to arrive at a fair value of Rs 80. The brokerage house expects yields to hold firm as pressure from lower crude prices are offset by strong PAX growth domestically. (Image Source: Reuters)
-
Crompton Greaves: Crompton Greaves has accepted an offer from First Reserve International, a US-based private equity fund, to sell its international transmission and distribution (T&D) business. The business to be sold includes T&D business present in the European, North American and Indonesian subsidies. The total consideration for the deal is Euro 115 million, of which euro 85 million will be paid on closure of the deal and remaining euro 30 million over the period of 18 months. Management believes the deal will enable Crompton Greaves to reduce debt and focus on its faster growing Indian business. Religare has ‘Buy’ rating on Crompton Greaves shares with March 2017 target price of Rs 170. The scrip was trading at Rs 151.85 on Wednesday. (Image Source: Reuters)
-
Gabriel India: Honda Motors and Scooters India (HMSI), TVS Motor Company and Royal Enfield (Eicher Motors) together constitute around 75 per cent of the two-wheeler revenues for Gabriel India. According to Sharekhan, HMSI has commissioned its scooters plant in Gujarat in the month of February 2016 with an initial capacity of 6 lakh units, which shall be further increased by another 6 lakh units in the near future. Also, in Q4FY2016, Mahindra & Mahindra’s KUV1OO and Maruti’s Vitara Brezza sales are expected to drive revenue growth. However, the recent labour issue at HMSI’s Alwar plant coupled with Jat agitation led to disruption of production which would pull down its financial performance in Q4FY2016. The brokerage house is positive on Gabriel India’s prospects with a target price of Rs 105. Shares of Gabriel India were at Rs 89 on March 9. (Image Source: Reuters)
-
(Image Source: Reuters)
Perplexity CEO Aravind Srinivas congratulates Sridhar Vembu as Arattai jumps from 3,000 to 350,000 sign-ups within days of its launch
