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<ul><li>Global ratings agency <keyword id="125045" type="CITY" weightage="20" keywordseo="Fitch-Ratings">Fitch Ratings</keyword> has downgraded <keyword id="42747" type="CITY" weightage="20" keywordseo="Tata-Motors">Tata Motors</keyword> with a negative outlook. </li><li>The ratings come in because of Tata Motors Limited’s weak sales in India and the continued sluggish sales from <keyword id="6354362" type="ORGANIZATION" weightage="20" keywordseo="Jaguar-Land-Rover">Jaguar Land Rover</keyword>.</li><li>Earlier in June, Moody’s too had downgraded Tata Motors.</li></ul>Another ratings agency has downgraded Tata Motors to ‘BB-’ with a negative outlook. Fitch Ratings has downgraded the automaker as with lesser chances of “TML's profitability and free cash generation in the next two to three years”. Tata Motors is impacted due to its UK-owned subsidiary Jaguar Land Rover, which has become a white elephant for the company. “Uncertainty around an orderly outcome of Brexit negotiations and the evolving global tariffs situation pose risks, in particular to TML's JLR business, which faces a significant level of production-sales mismatch due to concentration of its production base in the UK,” said the report. In addition to JLR related troubles, Tata Motors’ domestic business is also troubled by a general slowdown in the auto market. Tata Motors too has been witnessing a slowdown in its sales in India, as has been the case with the Indian auto market. In June 2019, Tata Motors <a href="https://www.moneycontrol.com/news/business/companies/tata-motors-global-sales-dip-5-in-june-4195251.html">reported </a>a 14% decline in India sales, while a 5% drop was seen in global sales. Cumulatively, Tata Motors sales in the first quarter of 2019-20 fell by 20%. A month back, credit rating agency Moody’s had downgraded Tata Motors with a negative outlook. Tata Motors’ <a href="https://www.moneycontrol.com/news/business/markets/tata-motors-slips-3-on-moodys-downgrade-4122961.html">shares</a> fell 3% after the downgrade. The Fitch Ratings report mentioned that another reason for its downgrade was that “JLR faces elevated risks.” Jaguar Land Rover’s global sales continued to decline in May with the company reporting a 12% dip in <a href="https://www.moneycontrol.com/news/business/jaguar-land-rover-global-sales-dip-12-in-may-4086381.html">May 2019.</a> In June 2019, its sales dropped by 9.6% year-on-year. Brexit, US-China trade war and <a href="https://economictimes.indiatimes.com/markets/stocks/news/tata-motors-mulls-selling-stake-in-jlr-agencies/articleshow/68216938.cms">signs</a> of a slowdown in the global economy could be the reasons for the losses incurred by JLR. China has traditionally been one of the biggest markets for the luxury car. JLR's sales volumes in China too massively by 29% year-on-year in the first quarter of FY20.

Tata Motors downgraded again, thanks to slow India business and ‘elevated risks’ from Jaguar Land Rover

Mumbai, Apr 16 () Citing severe free cash flow issues, international rating agency Fitch has downgraded the ratings of Tata Motors to 'B' and also revised down the outlook on the company that owns the marquee British brands JLR to negative from stable. The company had a 'BB-' rating on its long-term issuer default ratings till this, but is now down to B, Fitch said in a note on Thursday. Both 'BB' and 'B' are below investment grade or junk status. This move will have negative consequence for the company's debt profile which will spike its borrowing cost. Below investment grade issuers of debt have to pay higher interest rate to investors as junk bonds are considered speculative. "The downgrade reflects our significantly lower expectation for the company's profitability and cash flow over the next few years due to the effect of the coronavirus pandemic on demand and disruption to its domestic operations as well as to key auto markets globally that are served through Jaguar Land Rover," Fitch said in the note. On the impact of the pandemic on its free cash flow, the agency estimates it could be a negative Rs 40,000 crore in Q1 of FY21 due to lower earnings and working capital mismatch caused by lower sales receipts, while payments continue to suppliers for past supplies. This is against Rs 63,000 core of free cash flow in the same time in FY19. The agency sees Tata Motors' consolidated revenue to decline by 12 per cent in FY21 due to the effect of the pandemic-related shutdown, which may rise by 8 per cent in FY22. Consolidated EBITDA margin will decline to 5.5 per cent in FY21 from 9 per cent in FY20 due to negative operating leverage and may recover to around 9 per cent in FY22, it said. Capex/revenue will fall to 12 per cent in FY21, in line with a prudent approach, but remain above 15 per cent in FY22, it said. In FY19, the company had Rs 8,700 crore in cash and Rs 1,500 crore in undrawn credit lines that mature in 2022, compared to Rs 3,580 crore and Rs 3,130 crore in scheduled maturities of long-term debt over 2020 and 2021, respectively. It also had Rs 7,720 crore in short-term debt which may be rolled over. The agency estimates consolidated EBITDA generation will drop nearly 50 per cent in FY21 and will remain below FY19 levels in FY22 even with a recovery. "We expect sharp deterioration in free-cash generation and leverage, as the company will have limited flexibility to lower heavy investment, despite lower profitability, particularly at JLR, as it needs to bolster its long-term competitiveness in view of emerging industry trends," the note said. The negative outlook reflects risks to Tata Motors' financial profile from a prolonged pandemic that can result in further deterioration in its profitability and exert greater pressure on its liquidity than we currently envisage, it said. Listing out the key reasons for the rating action, it cited sharply weaker profitability and substantially negative free cash flow as the major concerns. Covid-19 mitigation measures, including shutdowns, have affected its operations globally. As the global economy is set to plunge into the worst recession since the 1930s, this will cause double-digit fall in new auto sales, hurting the company's profitability due to lower absorption of fixed costs, despite some flexibility. "We expect recovery only in FY22, from a low in FY21, but volume is likely to remain lower than in FY20 in absolute terms," it said. This will see consolidated FY22 EBITDA remaining nearly 40 per cent lower than previously estimated. Domestic industry conditions remain weak, PV and CV volumes declining over 15 per cent and 25 per cent, respectively in FY20, while the same for Tata Motors has been sharper at 35 per cent. The pandemic will further weaken demand in FY21, as it will compound higher ownership costs following the BS-VI emission norms. JLR, which accounts for majority of consolidated EBITDA, has significant exposure to Europe and North America, two heavily affected regions, which together made up over 60 per cent of its FY19 volume. BEN ABMABM

Fitch downgrades Tata Motors, cites cash flow issues

<ul><li>The developing <keyword id="21718" type="General" weightage="100" keywordseo="asia" source="Orion">Asia</keyword>'s economy will grow 4.2 per cent this year and 4.6 per cent next year, <keyword id="6355976" type="General" weightage="80" keywordseo="adb" source="Orion">ADB</keyword> said.</li><li>The Asian Development Bank (ADB) has lowered its economic growth forecasts for the developing Asia region, amid a worsened global outlook.</li><li>Growth in China is expected to slow in 2022 to 3 per cent against a 3.3 per cent expansion predicted in a September report.</li></ul> The Manila-based bank maintained the gross domestic product growth projections for <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword> at 7 per cent this fiscal year and 7.2 per cent next fiscal year. The Bank also added even with the downgraded forecast, developing Asia will still do better than other regions globally, both in terms of growth and inflation. The developing Asia's economy will grow 4.2 per cent this year and 4.6 per cent next year, ADB said in a regular supplement to the <keyword id="1006845" type="General" weightage="50" keywordseo="asian-development-outlook" source="Orion">Asian Development Outlook</keyword> (<keyword id="199985" type="General" weightage="50" keywordseo="ado" source="Orion">ADO</keyword>) 2022, released on Wednesday. ADB estimated in September that the economy of the region would grow 4.3 per cent in 2022 and 4.9 per cent in 2023. Monetary policy tightening by central banks globally and in the region, the protracted Russian invasion of Ukraine, and recurring lockdowns in the People's Republic of China (PRC) are slowing down developing Asia's recovery from the Covid-19 pandemic, ADB said. Restrictions under the "zero-Covid" approach, along with a struggling property market, have led to another downgrade of the PRC's growth outlook. "Asia and the Pacific will continue to recover, but worsening global conditions mean that the region's momentum is losing some steam as we head into the new year," said ADB Chief Economist <keyword id="128536" type="General" weightage="50" keywordseo="albert-park" source="Orion">Albert Park</keyword>. "Governments will need to work together more closely to overcome the lingering challenges of Covid-19, combat the effects of high food and energy prices--especially on the poor and vulnerable--and ensure a sustainable, inclusive economic recovery." ADB lowered its forecast for inflation in the developing Asia and the Pacific this year to 4.4 per cent from 4.5 per cent. However, the bank raised its projection for next year to 4.2 per cent from 4 per cent, due to lingering inflationary pressures from energy and food. Growth in China, which is the largest economy in Asia, is expected to slow in 2022 to 3 per cent against a 3.3 per cent expansion predicted in a September report. The forecast for next year was cut to 4.3 per cent from 4.5 per cent, due to the global slowdown, according to the Bank. Gross domestic product growth projections for India were maintained at 7 per cent this fiscal year and 7.2 per cent next fiscal year, according to the ADB. Even with the downgraded forecasts, the ADB expects developing Asia will still do better than other regions globally, both in terms of growth and inflation. ADB's growth forecast for <keyword id="53564" type="General" weightage="20" keywordseo="southeast-asia" source="Orion">Southeast Asia</keyword> this year was raised to 5.5 per cent from 5.1 per cent, amid robust consumption and tourism recovery in Malaysia, the Philippines, Thailand, and Vietnam. Projections for next year, however, were lowered to 4.7 per cent from 5 per cent due to weakening global demand. The growth forecast for the <keyword id="15779915" type="General" weightage="50" keywordseo="caucasus-and-central-asia" source="Orion">Caucasus and Central Asia</keyword> this year was upgraded to 4.8 per cent from 3.9 per cent, while the projection for the Pacific was raised to 5.3 per cent from 4.7 per cent, due to a strong tourism recovery in Fiji. ADO is published every April, with an update in September and brief supplements published normally in July and December. Developing Asia refers to the bank's 46 developing members. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/tata-motors-to-hike-prices-of-commercial-vehicles-by-up-to-2-from-january/articleshow/96193372.cms">Tata Motors to hike prices of commercial vehicles by up to 2% from January</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/not-good-for-govt-to-share-data-in-aggregated-form-g20-sherpa-amitabh-kant/articleshow/96192773.cms">'Not good' for govt to share data in aggregated form: G20 Sherpa Amitabh Kant</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/five-women-newsmakers-in-2022-in-india-droupadi-murmu-madhabi-puri-buch-samantha-ruth-prabhu-in-the-list/slidelist/96191677.cms">Droupadi Murmu, Madhabi Puri Buch, Samantha Ruth Prabhu and more: Five women newsmakers of 2022</a>

ADB trims economic growth forecast for developing Asia; retains India FY23 GDP growth at 7%

<ul><li>Credit rating agency Moody’s downgraded <keyword id="42747" type="CITY" weightage="20" keywordseo="Tata-Motors">Tata Motors</keyword> continuing with a negative outlook for the company. </li><li>Tata Motors shares fell by 3% after the Moody’s report. </li><li>The decline in Tata Motors comes from the continued sluggish sales from <keyword id="6354362" type="ORGANIZATION" weightage="20" keywordseo="Jaguar-Land-Rover">Jaguar Land Rover</keyword>.</li></ul>Jaguar Land Rover has become a white elephant for Tata Motors as the mounting debt at the British luxury automobile giant is weighing down the entire group. Global ratings agency Moody’s believes that Jaguar Land Rover will probably default on its loans. "The downgrade reflects <keyword id="6462970" type="UNKNOWN" weightage="20" keywordseo="Moodys">Moody's</keyword> expectation that leverage will remain elevated and free cash flow negative for fiscal years 2020 and 2021 as Jaguar Land Rover seeks to turn around performance in China, executes its restructuring program and continues to invest in its future model line-up including electrification," said Tobias Wagner, Vice-President and Senior Analyst at Moody's. Tata Motors’ <a href="https://www.moneycontrol.com/news/business/markets/tata-motors-slips-3-on-moodys-downgrade-4122961.html">shares</a> fell 3% on Friday after the downgrade. Jaguar Land Rover global sales continued to decline in May with the company reporting a 12% dip in <a href="https://www.moneycontrol.com/news/business/jaguar-land-rover-global-sales-dip-12-in-may-4086381.html">May 2019.</a> Brexit, US-China trade war and <a href="https://economictimes.indiatimes.com/markets/stocks/news/tata-motors-mulls-selling-stake-in-jlr-agencies/articleshow/68216938.cms">signs</a> of a slowdown in the global economy could be the reasons for the losses incurred by JLR. China, which has traditionally been one of the biggest markets for the luxury car. For the quarter ending December 31, Tata Sons’ Jaguar Land Rover <a href="https://www.forbes.com/sites/neilwinton/2019/02/07/jaguar-land-rover-hit-by-big-loss/#2852de8aa0a8">saw </a>a loss of $3.4 billion following a big write-down. It was also in cost cutting mode, and <a href="http://fortune.com/2019/01/10/jaguar-land-rover-layoffs-job-cuts/">reportedly</a> axed 4,500 jobs late last year. "The downgrade reflects our expectation that it will take longer than we had previously expected for the company's free cash flows to return to positive territory," said Kaustubh Chaubal, Moody's Vice President and Senior Credit Officer, adding that rising competition, the potential for a 'no-deal' Brexit, and the possibility of US tariffs cast bigger shadows on the company's prospects. JLR is landing heavily on Tata Motors which is facing challenges in the Indian market which is now facing sales slowdown leading to overcapacity in the market, as the number of auto dealers are <a href="https://qz.com/india/1644063/indias-auto-slowdown-chokes-delhis-maruti-hyundai-dealers/">shrinking</a>.

Jaguar Land Rover is dragging Tata Motors along in its downward spiral

S&amp;P Global Ratings has downgraded <keyword id="42747" type="DOMAIN" weightage="20" keywordseo="Tata-Motors">Tata Motors</keyword> to more vulnerable to non-payment grade 'B' citing weaker-than-expected credit metrics owing to the disruptions and economic impact from the <keyword id="1754604" type="PERSON" weightage="20" keywordseo="coronavirus">coronavirus</keyword> pandemic. The ratings agency which had earlier rated Tata Motors B+ has, however, kept the outlook on the company stable. "The impact of COVID-19 on the global automotive market will make a large dent in the recent good progress that JLR's management has made in steering the business back to profitability and improving credit metrics. In turn, this would delay the improvement we had expected in Tata Motors' credit profile," S&amp;P said in a statement. It further said the previous 'B+' rating on Tata Motors was predicated on expectation that revenues and profit margins at both <keyword id="6354362" type="COMPANY" weightage="20" keywordseo="Jaguar-Land-Rover">Jaguar Land Rover</keyword> (JLR) and Tata Motors' Indian operations would improve steadily in fiscals 2020-2022. "Even before the COVID-19 outbreak, JLR's sales volumes for fiscal 2020 were likely to decline, while the Indian operations were affected significantly by structural changes in the commercial vehicle segment and a slowing economy," it stated. S&amp;P said it has now "altered our assumptions given uncertainty in production volumes and demand following the pandemic. We now forecast Tata Motors' consolidated revenues to decline about 5 per cent in fiscal 2021 following a sharp revenue drop in fiscal 2020." The ratings agency further said it views positively the management's focus on conserving cash amid the changes in operating conditions. "We expect consolidated capital expenditure (capex) in fiscal 2021 to be at least 20 per cent below fiscal 2020 levels. "Management has also identified significant further cost-cutting areas at JLR under "Project Charge +". Even so, we anticipate free <keyword id="2067335" type="PERSON" weightage="20" keywordseo="Operating-cash-flow">operating cash flow</keyword> (FOCF) will be negative for the next couple of years at least," it added. Tata Motors' recent announcement to subsidiarize its domestic passenger car business and to explore mutually beneficial partnerships could be positive. However, the plans are at an early stage and are not expected to have a significant impact in fiscal 2021, S&amp;P said. "The stable outlook mainly reflects our view that Tata Motors will maintain adequate liquidity over the next two years. This would partly mitigate the company's weakening leverage and cash flow-based metrics," the agency said. S&amp;P further said while negative FOCF is a risk over the period, "we believe Tata Motors has financial flexibility as part of the Tata Group, though the benefits are more pronounced at the Indian operations than at JLR". The Indian operations also face less cash flow pressure despite weaker earnings relative to JLR, thanks to a more manageable capex plan, it added. On the possibility of further downgrading ratings on Tata Motors, S&amp;P said "a downgrade to 'B-' would largely be the result of a deterioration in Tata Motors' liquidity position". "In our view, this would be more likely driven by lower financial flexibility and reduced fundraising ability, than a deeper operational decline. That said, a significant underperformance of earnings relative to our current estimates could contribute to this scenario," it said. In the absence of significant developments, an upgrade in the next 12 months is less likely given the negative outlook on JLR, which has a significant influence on Tata Motors' credit profile, S&amp;P said. "A rating higher than that on JLR is possible if the Indian operations strengthen appreciably such that JLR has a lower influence on the consolidated financial profile. This is not our expectation in the next two years," it said. <keyword id="8754841" type="PERSON" weightage="20" keywordseo="rkl">RKL</keyword> RKL ANSANS

Tata Motors downgraded by S&P over Corona effect on JLR turnaround

<ul><li>The Indian auto industry was caught in the midst of a massive slowdown with companies like <keyword id="44883" type="DOMAIN" weightage="20" keywordseo="Maruti-Suzuki">Maruti Suzuki</keyword>, <keyword id="42747" type="COMPANY" weightage="20" keywordseo="Tata-Motors">Tata Motors</keyword>, reporting fall in sales volume month after month. </li><li>A Fitch report says that with the <keyword id="3084225" type="PERSON" weightage="20" keywordseo="BSVI">BSVI</keyword> vehicles coming in, it’s going to have a heavy impact on the passenger vehicles demand. </li><li>The agency had also downgraded Tata Motors to ‘BB-’ with a negative outlook</li></ul>The little cheer that festive sales has brought the slowing auto sector -- might also soon go away. As per <keyword id="125045" type="COMPANY" weightage="20" keywordseo="Fitch-Ratings">Fitch Ratings</keyword> the Indian auto sector has more troubled times ahead. The industry was caught in the midst of a massive slowdown with companies like Maruti Suzuki, Tata Motors, reporting fall in sales for the last 12 months. While the festive season brought in some respite, a Fitch report says that with BSVI regulations vehicles coming in will have a heavy impact on the passenger vehicles demand. “High dealer inventories coupled with weak consumer sentiment and deferment of purchase decisions ahead of BS6 will limit any significant boost. Higher vehicle costs under BSVI are likely to weigh on PV demand in FY21,” said the report. Giving the auto sector a negative outlook, the report further said that “as the industry grapples with lower volumes amid a highly competitive landscape,” the cash flow generation too will remain negative. This is because auto makers will have to invest in electric vehicles for the next few years. Earlier, the agency had <a href="https://www.businessinsider.in/tata-motors-jaguar-land-rover-fitch-ratings-downgrade/articleshow/70373566.cms">downgraded</a> Tata Motors to ‘BB-’ with a negative outlook because of lesser chances of “TML's profitability and free cash generation in the next two to three years”. SEE ALSO <a href="https://www.businessinsider.in/business/news/tata-motors-jaguar-land-rover-q2-earnings-bring-good-news-for-auto-industry/articleshow/71802900.cms">Not just Tata Motors, a lot of other companies are excited by Jaguar Land Rover numbers</a> <a href="https://www.businessinsider.in/business/news/mg-motors-is-setting-up-charging-stations-before-launching-its-electric-car-mg-zs-ev/articleshow/72254260.cms">MG Motors' second car in India will be electric – and so it has to offer charging stations too</a>

With BSVI coming in, woes of Indian car makers are from over, says rating agency

<ul><li>A report by credit rating agency <keyword id="125045" type="CITY" weightage="20" keywordseo="Fitch-Ratings">Fitch ratings</keyword> says that the challenges are likely to persist for Indian <keyword id="144197" type="PERSON" weightage="20" keywordseo="auto-manufacturing">auto manufacturing</keyword> companies. </li><li>As carmakers have to comply with <keyword id="2901172" type="PERSON" weightage="20" keywordseo="BS-VI">BS VI</keyword> norms, it will result in increased production costs. </li><li>Auto sector has been undergoing a massive slowdown, with the first quarter results leaving top companies worried.</li></ul>The Indian auto industry has been witnessing one of its worst ever phases with sales slowing down for over 10 months now. But their troubles are far from over. There is more pain ahead in the form of new emission norms. Now, they also have to comply with BS-VI norms by March 2020. After this, the sale of older models will not be allowed, which is not good news for those holding onto huge inventory. It also means that the car companies have to invest in switching technologies. “The additional components and design changes will raise production costs by 10%-15%. This could squeeze automakers' profitability in FY21 if automakers are not able to fully pass on costs to buyers,” said a report by credit rating agency Fitch. Automakers are already on the backfoot and offering heavy discounts ranging from 8% to 27% depending on the model. Their ability to pass on increased costs seems to be bleak. <keyword id="44883" type="CITY" weightage="20" keywordseo="Maruti-Suzuki">Maruti Suzuki</keyword> is leading the way with most ‘total cash discounts’ offered to consumers. While Alto models saw an 8% increase in discounts as compared to June, the Celerio Automatic and Dzire Diesel versions saw a steep increase of 23% and 27%. Most auto manufacturers reported their worst sales report for the first quarter in a decade. Auto companies like <keyword id="42747" type="CITY" weightage="20" keywordseo="Tata-Motors">Tata Motors</keyword>, Maruti Suzuki, Mahindra &amp; Mahindra and Hero Motocorp, have all been cutting production to align with the tapering demand. And these woes will continue. “Subdued demand conditions that led to weak performance by Indian automakers in the first quarter of the financial year ending 31 March 2020 (FY20) will likely persist, adding to the challenges from the implementation of stricter emission norms under BS6 from April 2020,” the report says. Maruti Suzuki’s profits fell by 27.3% for the first quarter. It sold 109,264 units in July 2019, registering a steep 33.5% fall in sales compared to the same month in the previous year. On a monthly basis, its July sales have fallen by 12.3% from its June. “My belief is that we are near the bottom of the downward cycle and the economy, and car sales should start to accelerate in the near future,” Marutii Suzuki’s chairman RC Bhargava <a href="https://www.thehindu.com/business/Industry/auto-industry-is-near-bottom-of-downward-cycle-maruti-suzuki-chairman-bhargava/article29267803.ece">said at the company’s annual general meeting.</a> Maruti Suzuki has also cut down on 3000 contractual jobs. Tata Motors’ sales in the domestic market dropped by 34% at 32,938 units compared to 50,100 units sold over last year as subdued demand continued in July 2019. The report said that the lowered sales was due to “the constrained liquidity at non-bank lenders reduced credit availability to buyers and the cost of ownership rose due to new regulations mandating enhanced vehicle insurance cover and additional safety features”.

Indian automakers are stuck between stricter emission laws and falling sales

<ul><li><keyword id="42747" type="COMPANY" weightage="20" keywordseo="Tata-Motors">Tata Motors</keyword>’ stock fell by over 10%, touching a 52 week low for the company. </li><li>It had posted a massive loss of ₹36.8 billion in the first quarter of the current financial year. </li><li>The losses for the quarter doubled as compared to ₹18.6 billion in the same quarter of last year. </li></ul>Tata Motors is in deeper trouble than its Indian auto counterparts. It is saddling the pain of Indian auto slowdown as well global slowdown, thanks to its subsidiary <keyword id="6354362" type="COMPANY" weightage="20" keywordseo="Jaguar-Land-Rover">Jaguar Land Rover</keyword>. In today’s trade, its stock fell by over 10%, touching a 52-week low. It was trading 9.25% lower in the day’s trade at ₹112 on NSE, before hitting its low of ₹109.50. As the auto industry in India sees its biggest slowdown spilling over to 10 months now, the woes only seem to pile on for auto giant. The company had also cut production to align with the low demand in the Indian market. Losses mount Tata Motors posted a massive loss of ₹36.8 billion in the first quarter of the current financial year. The losses for the quarter doubled as compared to ₹18.6 billion in the same quarter of last year. Its UK-owned subsidiary Jaguar Land Rover too saw its net revenue stand at ₹50.74 billion, 2.8% lower than it was last year. Dropping sales Jaguar Land Rover’s global sales continued to decline in May with the company reporting a 12% dip in <a href="https://www.moneycontrol.com/news/business/jaguar-land-rover-global-sales-dip-12-in-may-4086381.html">May 2019.</a> In June 2019, its sales dropped by 9.6% year-on-year, meanwhile Tata Motors <a href="https://www.moneycontrol.com/news/business/companies/tata-motors-global-sales-dip-5-in-june-4195251.html">reported </a>a 14% decline in India sales, while a 5% drop was seen in global sales. In July, Tata Motors announced a 34% dip in its total domestic sales compared to 50,100 units sold over last year as subdued demand continued in July 2019. “The slowing economy, excess capacity created on account of increased axle load norms, slowdown in execution of infrastructure projects over the past few quarters, drop in discretionary consumption, and poor liquidity conditions in tight financing environment have led to severe contraction in total industry volumes across segments,” the company had then said in a statement. Downgraded by rating agencies Global rating agencies <keyword id="125045" type="COMPANY" weightage="20" keywordseo="Fitch-Ratings">Fitch Ratings</keyword> and Moody’s both had downgraded Tata Motors with a negative outlook earlier in June. Global ratings agency Moody’s too believes that Jaguar Land Rover will probably default on its loans. "The downgrade reflects Moody's expectation that leverage will remain elevated and free cash flow negative for fiscal years 2020 and 2021 as Jaguar Land Rover seeks to turn around performance in China, executes its restructuring programme and continues to invest in its future model line-up including electrification," said Tobias Wagner, Vice-President and Senior Analyst at Moody's. <keyword id="6355333" type="UNKNOWN" weightage="20" keywordseo="Brexit">Brexit</keyword>, US-China trade war and <a href="https://economictimes.indiatimes.com/markets/stocks/news/tata-motors-mulls-selling-stake-in-jlr-agencies/articleshow/68216938.cms">signs</a> of a slowdown in the global economy could be the reasons for the losses incurred by JLR. China, which has traditionally been one of the biggest markets for the luxury car.

Tata Motors share price hits a 52-week low, as its woes widen

<ul><li>Foreign institutional investors have pulled out nearly $7 billion from the Indian markets this year.</li><li>FIIs have been net buyers in only one month this financial year – September.</li><li>Nearly $13 billion worth of shares have been sold by FIIs so far, as opposed to inflows worth over $13 billion in the period last year.</li></ul>Foreign institutional investors (FIIs) have offloaded nearly $7 billion worth of shares in the last two months and since the beginning of the financial year, FIIs have sold nearly $13 billion worth of shares. During the financial year, only September has witnessed net buying from FIIs, that too only to the extent of $62 million. This comes at a time when the Nifty 50 index has gained nearly 20% since April. “Part of the reason FIIs are selling is because valuations are not cheap and the inflation risk is real in India while the Reserve Bank of India, which historically was one of the more vigilant central banks, right now seems to be more on the dovish side," said Arvind Sanger, managing partner, Geosphere Capital Management to <a href="https://economictimes.indiatimes.com/markets/expert-view/why-have-fiis-turned-big-sellers-in-the-indian-market-arvind-sanger-answers/articleshow/87904160.cms">Economic Times</a>. <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#000000;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Month (2021) </td><td style="border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#000000;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Amount ($ billion) </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">April </td><td style="border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">-1.70 </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">May </td><td style="border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">-0.81 </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">June </td><td style="border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">-0.003 </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">July </td><td style="border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">-3.10 </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">August </td><td style="border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">-0.34 </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">September </td><td style="border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">0.06 </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">October </td><td style="border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">-3.42 </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">November </td><td style="border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">-3.39 </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Total </td><td style="border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">-12.70 </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table> Source: NSE, as on November 26, 2021 During the financial year, the last two months have recorded nearly $7 billion worth of selling and November is on track to be the month with the highest selling. <div type="image" title="FIIs - 2020-21 vs 2021-22" msid="87927349" hostid="261" caption="&amp;lt;p&amp;gt;FII activity compared to last financial year.&amp;lt;/p&amp;gt;"></div> Some of the reasons for the pull out by FIIs include concerns around COVID-19, the inflation risk and US Federal Reserve’s plans to reduce the stimulus. If we look at some of the companies that have high <keyword id="46756" type="General" weightage="20" keywordseo="fii" source="Orion">FII</keyword> holdings, there has been a substantial withdrawal in the financial year, even without looking at the last two months. The following data does not factor in the heavy selling that has taken place in October and November. <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#000000;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#000000;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FII holding as on March 31, 2021 </td><td style="border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#000000;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FII holding as on September 31, 2021 </td><td style="border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#000000;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Decline </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Shriram Transport Finance Corporations </td><td style="border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">61% </td><td style="border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">53.70% </td><td style="border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-7.30% </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ZEE Entertainment Enterprises Ltd </td><td style="border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">64.20% </td><td style="border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">57.20% </td><td style="border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-7.00% </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Fortis Healthcare </td><td style="border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">34.40% </td><td style="border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">29.30% </td><td style="border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-5.10% </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Manappuram Finance </td><td style="border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">38.60% </td><td style="border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">34.90% </td><td style="border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-3.70% </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Apollo Hospitals </td><td style="border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">54.50% </td><td style="border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">51.50% </td><td style="border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-3.00% </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Redington India </td><td style="border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">42% </td><td style="border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">39% </td><td style="border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-3.00% </td></tr></tbody><tbody></tbody></table> Note: Data till September 2021 Morgan Stanley last month <a href="https://www.cnbctv18.com/economy/morgan-stanley-downgrades-india-to-equal-weight-from-overweight-citing-expensive-valuations-11263672.htm">downgraded</a> Indian equities to equal-weight from overweight citing expensive valuations. "We move tactically equal weight on India equities after strong relative gains - we expect a structural multi-year earnings recovery, but at 24 times forward price to earnings, we look for some consolidation ahead of Fed tapering, an RBI (rate) hike in February and higher energy costs," the investment banking company said. Similarly, Goldman Sachs downgraded the Indian market from overweight, stating that the recovery has already been priced in. “While we expect strong cyclical and profit recovery next year and remain medium-term constructive amid increasing digitalisation in the index, we think the recovery is well priced at current peak valuations. We, thus, take profits on our India overweight and lower it to market weight within our regional allocations,” it <a href="https://economictimes.indiatimes.com/markets/stocks/news/goldman-sachs-downgrades-india-equities-says-stocks-appear-well-priced-for-now/articleshow/87660109.cms">said</a>. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/global-investment-banks-are-telling-their-clients-to-take-profits-from-india/articleshow/87667322.cms">Small investors ahoy! Global investment banks are telling their clients to take profits from India</a> <a href="https://www.businessinsider.in/stock-market/markets/news/tata-motors-maruti-and-hdfc-are-among-the-top-losers-as-fear-of-the-new-covid-variant/articleshow/87923451.cms">Biggies like Tata Motors, Maruti, and HDFC are among top losers as fear of new COVID variant takes the wind out of Indian stocks</a> <a href="https://www.businessinsider.in/stock-market/news/pvr-inox-mainland-china-barbeque-nations-share-price-falls-due-to-new-covid-19-variant/articleshow/87925164.cms">Shares of PVR, INOX, Burger King, Barbeque Nation tumble as investors panic over the new COVID-19 variant</a>

Foreign investors have pulled out nearly $7 billion in the last two months, and over $12 billion since April this year

From Adani Group to Tata Motors and banks ⁠— these 17 stocks have already lost over 10% in last one month

<ul><li>Tata Motors reported a loss of ₹36.8 billion in Q1 FY20.</li><li>While trouble continues with its subsidiary Jaguar Land Rover, the company claims JLR is undergoing a major transformation.</li><li>Tata Motors’ net revenue fell by 8% for the first quarter. </li></ul>Tata Motors posted a massive loss of ₹36.8 billion in the first quarter of the current financial year. The losses for the quarter have doubled as compared to ₹18.6 billion in the same quarter of last year. Its revenues too have gone down by 8% to ₹608 billion. “Over the past few years we had struck a good balance between managing market dynamics and financial health. However, this time, despite our continuous turnaround effort we could not prevent some impact on our Q1 performance,” said Guenter Butschek, CEO and MD, Tata Motors, in a statement. Tata Motors, like all other auto companies is facing the heat of sales slowdown. Adding to that are from its UK-owned subsidiary Jaguar Land Rover. This subsidiary’s net revenue stood at ₹50.74 billion, 2.8% lower than it was, last year. "The continued slow down across the auto industry due to weak consumer sentiments, liquidity stress and the impact of axle load effect particularly in medium/heavy duty, impacted overall demand,” said Butschek. ‘Adapting to the environment’ Global rating agencies Fitch Ratings and Moody’s both had downgraded Tata Motors with a negative outlook. Jaguar Land Rover’s global sales continued to decline in May with the company reporting a 12% dip in <a href="https://www.moneycontrol.com/news/business/jaguar-land-rover-global-sales-dip-12-in-may-4086381.html">May 2019.</a> In June 2019, its sales dropped by 9.6% year-on-year. In June 2019, Tata Motors <a href="https://www.moneycontrol.com/news/business/companies/tata-motors-global-sales-dip-5-in-june-4195251.html">reported </a>a 14% decline in India sales, while a 5% drop was seen in global sales. Cumulatively, <keyword id="635285" type="PERSON" weightage="20" keywordseo="Tata-Motors-sales">Tata Motors sales</keyword> in the first quarter of 2019-20 fell by 20%. However, Tata Motors still hopes for a turnaround. “With the Budget announcement and upcoming festive season, we expect some tailwinds for the remaining FY20,” said Butschek. The company also hopes to gain from JLR and BMW’s collaboration on building the next-generation Electric Drive Units. “Jaguar Land Rover is in a period of major transformation. We are simplifying our business, delivering on our product strategy and adapting to the tough market environment. We will build on our strong foundations and increased operating efficiency to return to profit this fiscal year,” Prof. Dr. Ralf Speth, JLR Chief Executive.

Falling Jaguar Land Rover sales widen Tata Motors' losses

<ul><li>Sensex and Nifty began trade on a cautious note on Thursday.</li><li>The Sensex was trading 32 points higher, while the Nifty50 was up 19 points. </li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a> </li></ul>Indian benchmark stock index, Sensex and Nifty started on a cautious note on Thursday amidst mixed cues from global peers. The Sensex was trading 32 points higher, while the Nifty50 was up 19 points. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top Nifty Gainers </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top Nifty Losers </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Infratel </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ICICI Bank </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Wipro </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bajaj Finance </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">UPL </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Power Grid </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Titan </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Airtel </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tata Motors </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Shree Chem Industries </td></tr></tbody></table>*as of September 3, 9:50 am These are the top stocks that are buzzing in trade today: Future Retail shares hit 10% lower circuit for the second day in a row Future Retail shares hit 10% lower circuit for the second day in a row even as Fitch placed it on ‘Rating Watch Positive’ post the stake sale to RIL. Also, the Government Pension Fund Global, one of the world’s largest sovereign wealth funds sold 95 lakh shares at ₹158.61 per share on September 1. According to <a href="https://www.businessinsider.in/stock-market/news/top-stock-movers-future-retail-escorts-bharti-infratel-biocon-ongc-lt-beml-and-more/articleshow/77864930.cms#:~:text=BEML%20and%20more-,Top%20stock%20movers%20%E2%80%94%20ONGC%2C%20Future%20Retail%2C%20Bharti%20Infratel%2C,Biocon%2C%20L%26T%2C%20BEML%20and%20more&amp;text=The%20Sensex%20was%20trading%201.03,and%20updates%20on%20Business%20Insider.">reports</a>, the Government Pension Fund Global fund held 2.28% stake in the Future Retail at the end of June. IndiGo, SpiceJet shares gains 2%, GVK Infra up 5% IndiGo and SpiceJet shares gained 2%, whereas GVK Infra was up 5% after the Civil Aviation Ministry raised domestic flight operations capacity to 60% from 45% Vodafone-Idea shares gain for the second day in a row Vodafone-Idea shares gained 8% for the second day in a row, during the early trade hours on September 3. The Vodafone-Idea board is due to meet tomorrow for considering the fundraising proposal. <a href="https://www.livemint.com/companies/news/amazon-verizon-may-give-voda-idea-lifeline-11599102122521.html" data-type="tilCustomLink">Reports also suggested</a> that the U.S. wireless carrier Verizon Communications and Amazon.com Inc may invest more than $4 billion for a stake in the company. Dish TV India shares gained 5% Dish TV India gained 5% after the company on Wednesday reported a consolidated net profit of ₹74.54 crore for the quarter ended June. It had posted a net loss of ₹35.44 in the same quarter last year. Tata Motors shares gains 2% after robust growth in overall domestic sales Tata Motors shares gained 2% after it recorded 21.6% growth in overall domestic sales led by 154.0% growth in the passenger vehicle segment. However, the domestic, commercial vehicles segment declined 28% in August. Rossari Biotech shares gained 2% Rossari Biotech shares gained 2% after a financial advisory company, based in London, Plutus Wealth Management, bought nearly 3 lakh shares of the company at ₹773.82 per share. Engineers India shares gained 3% on order form Gail India Engineers India gained 3% after winning an order worth ₹4.48 billion from Gail India for setting up PP plant and pipeline at Uran. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/top-stocks-to-watch-future-retail-indusind-bank-indigo-spicejet-coal-india-engineers-india-rossari-biotech-jsw-energy-vodafone-idea/articleshow/77902637.cms" data-type="tilCustomLink">Top stocks to watch— Future Retail, IndiGo, SpiceJet, Tata Motors, IndusInd Bank, Coal India, Engineers India, Rossari Biotech, Vodafone-Idea and more</a>

Top stock movers — Future Retail, IndiGo, Wipro, SpiceJet, Vodafone Idea, Dish TV, Tata Motors, ICICI Bank and more

<ul><li>Tata Motors finally has a ‘BUY’ rating from CLSA after three years. </li><li>For the quarter ending in September, Jaguar Land Rover sold 128,953 cars, slightly down (-0.7%) compared to the same period a year ago.</li><li>Investors believe that the downtrend in sales may finally be coming to an end.</li><li>The expected stability in <keyword id="1159034" type="PERSON" weightage="20" keywordseo="JLR-sales">JLR sales</keyword> has given hope to many ancillary companies like tyres, batteries and other auto parts makers.</li></ul>Months of despair have given way to some good news from Tata Motors. It’s British luxury car unit Jaguar Land Rover’s sales seem to be stabilsing. At least, that’s what the street believes. After three years of having a ‘SELL’ rating, Tata Motors has finally been upgraded to ‘BUY’ rating by global broking firm CLSA. Tata Motors’ share price spiked over 13% after the company’s second-quarter earnings. 
 
 
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 Between July and September 2019, Tata Motors reported a net loss of ₹216.5 crore but that was still a massive improvement from the same quarter in the previous year⁠— when the loss was nearly five times more. For the quarter ending in September, Jaguar Land Rover retail sales nearly the same (down 0.7%) as a year earlier⁠— but the losses were less because the company had cut costs. Jaguar Land Rover saw a 24.3% jump in its sales in China, which is a big market for the company. “JLR’s volume is showing signs of bottoming-out on a low base in China and the ramp-up of the recently upgraded Evoque model—the start of defender sales in 4QFY20 should provide a further boost,” the CLSA report said. Earlier this year, global rating agencies Fitch Ratings and Moody’s both had downgraded Tata Motors with a negative outlook. In June 2019, Jaguar Land Rover retail sales was down by 9.6% as compared to the same month the previous year. In May 2019 too, the company had seen a 12% decrease as compared to the same month in the previous year. “Against challenging market headwinds, for the third consecutive month we have achieved double-digit growth in China, benefitting from our local turnaround plan and performing ahead of the broader market. We have also outperformed shrinking markets in other regions,” said Felix Brautigam, Jaguar Land Rover Chief Commercial Officer in a statement. JLR cheer is spreading The market excitement is visible not just with Tata Motors’ share price but that of many ancillary companies in the business. For the <keyword id="34478" type="PERSON" weightage="20" keywordseo="auto-industry">auto industry</keyword> which has been hit by a slowdown for a year now, the comeback of Tata Motors and JLR is a positive sign for many others. Stocks like Bharat Forge, Motherson Sumi, and Exide, which make parts for automobiles, are also celebrating what they believe is a light at the end of the tunnel. Motherson Sumi, the largest manufacturer of automotive wiring harnesses and mirrors for passenger cars, too saw its stock trading at a 10% jump on Tuesday afternoon. 
 
 
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 With the festive sales, the October report of the auto industry is also expected to finally get a sigh of relief for the players. New entrants like MG Hector delivered 700 cars on Dhanteras while luxury car Mercedes Benz delivered 600 cars on the festive day. “Passenger vehicle sales, which were in the doldrums since late last year, have shown positive sales trajectory this year in comparison to the off-take witnessed during Dhanteras 2018”, reported IANS. "In terms of passenger vehicle sales, we have witnessed a similar off-take pattern to last year's Dhanteras day," Vinkesh Gulati, Vice President of the Federation of Automobile Dealers Associations (FADA) told IANS.

You Searched For "fitch downgrades tata motors" and got 13 results

Tata Motors downgraded again, thanks to slow India business and ‘elevated risks’ from Jaguar Land Rover

Sanchita Dash

Fitch downgrades Tata Motors, cites cash flow issues

PTI

ADB trims economic growth forecast for developing Asia; retains India FY23 GDP growth at 7%

ANI

Jaguar Land Rover is dragging Tata Motors along in its downward spiral

BI India Bureau

Tata Motors downgraded by S&P over Corona effect on JLR turnaround

PTI

With BSVI coming in, woes of Indian car makers are from over, says rating agency

Sanchita Dash

Indian automakers are stuck between stricter emission laws and falling sales

Sanchita Dash

Tata Motors share price hits a 52-week low, as its woes widen

Sanchita Dash

Foreign investors have pulled out nearly $7 billion in the last two months, and over $12 billion since April this year

Rounak Jain

From Adani Group to Tata Motors and banks ⁠— these 17 stocks have already lost over 10% in last one month

Bhakti Makwana

Falling Jaguar Land Rover sales widen Tata Motors' losses

Sanchita Dash

Top stock movers — Future Retail, IndiGo, Wipro, SpiceJet, Vodafone Idea, Dish TV, Tata Motors, ICICI Bank and more

Navdeep Yadav

Not just Tata Motors, a lot of other companies are excited by Jaguar Land Rover numbers

Sanchita Dash

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