11.98 +0.21 (1.78%)
Pre-Market: 8:46AM EST
|Bid||11.97 x 800|
|Ask||12.00 x 2200|
|Day's Range||11.58 - 11.82|
|52 Week Range||10.29 - 29.11|
|Beta (3Y Monthly)||1.11|
|PE Ratio (TTM)||6.08|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||14.00|
Indian automaker Tata Motors Ltd lowered its profit margin guidance for the current fiscal year after it posted its biggest quarterly loss on Thursday, hurt by an impairment charge for its British luxury car business Jaguar Land Rover (JLR). Francesca Lynagh reports.
LONDON—Japanese car maker Honda Motor Co. will shut a major production plant in the U.K., becoming the latest auto group to plan a pull back from the U.K. as Brexit looms. The closure of the plant in Swindon, a pro-Brexit district in southwest England, was confirmed by local British lawmaker Justin Tomlinson and fills out a picture suggesting that the nation’s car-manufacturing industry is in decline. “They are clear this is based on global trends and not Brexit,” Mr. Tomlinson said in a statement, adding the factory will be closed in 2021-22.
The fourth-quarter loss announced by the Tata Motors Ltd.-owned company earlier this month was driven by a 3.1 billion pound ($3.9 billion) impairment charge. Half of the value of the writedown – some 1.55 billion pounds – comes out of tangible assets, which now won’t generate the value the company previously thought due to weak market conditions in China, technology disruptions, and rising debt costs.
British companies with more than $130 billion (£102 billion) of debt to refinance this year are facing rising funding costs as a no-deal Brexit looms, with yields on some bonds now akin to those in emerging markets. Carmaker Jaguar Land Rover highlighted the issues facing some UK corporates when it said recently it would not tap bond markets for the $1 billion it needs to repay maturing debt and plans alternative funding instead. "Market conditions for issuing bonds presently are less favourable in general and with our bonds trading below par reflecting our recent financial performance," Jaguar Land Rover Treasurer Ben Birgbauer told Reuters.
First off, recent gains have been narrowly focused this year, with only a handful of stocks, including Reliance Industries Ltd. and software exporters Infosys Ltd. and Tata Consultancy Services Ltd., driving the NSE Nifty 50 Index of India’s large caps.
To support its needs, JLR could increase a receivables facility or turn to other bank financing, with further options including leasing assets and tapping export credit, Treasurer Ben Birgbauer said in an interview. JLR’s owner Tata Motors Ltd. shocked investors Thursday when it revealed the extent of the problems its U.K. arm is having in China. Sales of Jaguar sports cars and Land Rover SUVs dropped 35 percent in the world’s biggest auto market in the nine months to Dec. 31, sending the unit to a 273 million-pound ($354 million) loss and knocking as much as 30 percent off Tata stock.
BENGALURU/NEW DELHI — Jaguar Land Rover's owner Tata Motors Ltd stunned markets by posting the biggest-ever quarterly loss in Indian corporate history of about $4 billion on slumping China sales, sending its shares crashing as much as 30 percent. Tata Motors also warned that the Jaguar Land Rover (JLR) unit, which brings in most of its revenue, would swing to an operating loss for the year versus an earlier projection it would break even, given weak sales at the luxury British carmaker. JLR's China retail sales were cut almost in half in the December quarter as overall demand in the world's biggest auto market contracted last year for the first time since the 1990s.
Tata Motors Ltd. shares had their biggest drop in 26 years in Mumbai trading after the company unveiled a writedown in its luxury Jaguar Land Rover Automotive Plc unit. Plummeting sales in China are compounding Jaguar Land Rover’s challenges that include the industry’s shift away from vehicles powered by gasoline and diesel -- a stronghold for the company. “Jaguar Land Rover is facing headwinds in multiple fronts, including geopolitical uncertainty and technological disruption apart from sluggish demand scenario in a strong market like China,” said Debjit Maji, an analyst at Stewart & Mackertich Wealth Management in Kolkata, India.
(Reuters) - Indian shares ended over 1 percent lower on Friday, hammered by auto stocks such as Tata Motors Ltd after the automaker stunned markets by posting the biggest-ever quarterly loss in Indian ...
India’s Tata Motors Ltd hasn’t been so lucky in how its own writedown was received this week. The 3.1 billion pound ($4 billion) non-cash impairment booked by Jaguar Land Rover, its British subsidiary, helped wipe 18 percent off Tata Motors’ share price on Friday, bringing the decline over the past year to 60 percent. JLR was once Tata’s golden child, but the luster has faded as a laundry list of problems emerged.
BENGALURU/NEW DELHI (Reuters) - Jaguar Land Rover's owner Tata Motors Ltd stunned markets by posting the biggest-ever quarterly loss in Indian corporate history of about $4 billion (£3.1 billion) on slumping China sales, sending its shares crashing as much as 30 percent. Tata Motors also warned that the Jaguar Land Rover (JLR) unit, which brings in most of its revenue, would swing to an operating loss in the year to March versus an earlier projection for breakeven, given weak sales at the luxury British carmaker. JLR's China retail sales almost halved in the December quarter as overall demand in the world's biggest auto market contracted last year for the first time since the 1990s.
Shares in Indian carmaker Tata Motors tumbled as much as 30 per cent on the Bombay Stock Exchange, the largest drop in 26 years, after the company announced a £3.1bn writedown of its investment in Jaguar ...
Britain’s elderly Duke of Edinburgh — the Queen’s consort — was left badly shaken when he crashed his Land Rover near the Sandringham royal estate earlier this year. JLR’s recovery will take longer. Tata Motors’ takeover of JLR during the 2008 global financial crisis was interpreted by some UK pundits as reflecting India’s economic ascendancy over its former colonial masters.
After years of growing faster than the rest of its industry, Jaguar Land Rover’s engine is failing. Britain’s largest carmaker just reported its fourth quarter of losses in the last five quarters, and ...
To access the newsletter, click on the link: http://share.thomsonreuters.com/assets/newsletters/Indiamorning/MNC_IN_02082019.pdf If you would like to receive this newsletter via email, please register at: http://financial-risk-solutions.thomsonreuters.info/india-morning FACTORS TO WATCH 5:00 pm: RBI to release weekly foreign exchange data in Mumbai. To join the conversation, click on the link: https://refini.tv/2P8N0Wp INDIA TOP NEWS Jet Airways grounds four aircraft after failing to pay lessors India's Jet Airways has grounded four aircraft after failing to make payments to lessors, in a sign that leasing firms are losing patience with the heavily indebted carrier. Tata Motors cuts profit margin outlook over JLR's Brexit, China woes Indian automaker Tata Motors lowered its profit margin guidance for the current fiscal year after it posted its biggest quarterly loss on Thursday, hurt by an impairment charge for its British luxury car business Jaguar Land Rover (JLR).
(Bloomberg) -- Tata Motors Ltd. reported a third straight quarterly loss as luxury unit Jaguar Land Rover Automotive Plc took an impairment of 278.4 billion rupees ($3.9 billion), mainly on account of challenges in the China market.Net loss was 270 billion rupees in the three months through December, the company said in a statement on Thursday, as it battled waning demand for diesel cars and risks from a potentially disorderly Brexit. Analysts predicted profit of 7.73 billion rupees on average.
This comes after the ratings agency placed the credit ratings of JLR, Britain's biggest carmaker, under review for possible downgrades. "Trade barriers and logistic issues from a disorderly Brexit could have an impact on JLR's competitive positioning and lead to significantly lower sales and profitability," the credit rating agency said, placing the parent's long-term issuer default rating on "rating watch negative".
The fact is simple: Chinese automaker Geely just poached designer Wayne Burgess from Jaguar. Burgess will oversee a team of 100 designers and staff, in charge of projects encompassing all of Geely's brands, and report to Peter Horbury, Geely's EVP of design. Burgess, who started at Jaguar in 1997, was lately the production studio director for Jaguar Land Rover's Special Vehicle Operations, and the head of Jaguar's production cars.
Jaguar Land Rover, owned by India's Tata Motors Ltd, had said in January that there would be a week-long pause in production in April due to potential disruption from Brexit and trimmed production. "The group has a significant trade imbalance and production bias to the UK and could be significantly affected by trade barriers and various logistic issues," the credit rating agency said, placing JLR's long-term ratings and senior obligations at 'BB' on "Watch Negative".