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<ul class="summary-list"><li>The CEO of <keyword id="20763638" type="General" weightage="20" keywordseo="Tesla-rival" source="keywords">Tesla rival</keyword> Lucid had a scathing assessment of the EV market in the US.</li><li><keyword id="23975725" type="General" weightage="20" keywordseo="Peter-Rawlinson" source="keywords">Peter Rawlinson</keyword> said most electric cars in the US "frankly suck" and were underwhelming.</li></ul>The boss of one of <a target="_blank" class="" href="https://www.businessinsider.com/tesla">Tesla's</a> biggest rivals thinks he knows why the US public isn't being won over by EVs. Peter Rawlinson, the <a target="_blank" class="" href="https://www.businessinsider.com/lucid-ceo-comments-tesla-losing-its-way-elon-musk-distracted-2024-5">CEO of Lucid Motors and a former VP of engineering at Tesla</a>, spoke on the Cars and Culture podcast last week that most of the <keyword id="19895203" type="General" weightage="100" keywordseo="Electric-Vehicles" source="keywords">electric vehicles</keyword> on offer "frankly suck." Asked whether EVs in the US have a perception problem, Rawlinson said the problem was "not perception, but reality." "I think many people have driven EVs that frankly suck. I know because I drive all the competition," he said. "I think that the American public has been ill-served by underwhelming EVs," Rawlinson added. Rawlinson, who previously worked for Elon Musk and helped build Lucid, became CEO of Lucid in 2019. The EV startup is gearing up to launch its new electric SUV, the <a href="https://www.businessinsider.com/luvid-gravity-suv-details-photos-tesla-topping-range-interior-cargo-2023-11" target="_blank">$94,900 Gravit</a>y, with production expected to start by the end of this year. Lucid has <a target="_blank" class="" href="https://www.businessinsider.com/tesla-vs-lucid-which-is-better">touted its industry-leading technology</a> but continues to be stuck in the so-called EV "valley of death." The company reported revenues of $200 million in the most recent quarter and a net loss of $992 million. In August, it secured another $1.5 billion in investment from Saudi Arabia's Public Investment Fund, its majority shareholder. Meanwhile, EV sales growth in the US has slowed this year amid a dearth of affordable electric options. According to Kelley Blue Book, the average price of a new electric vehicle in the US in September was $56,000, compared to $48,397 for combustion-engine vehicles. <h2>China races ahead</h2>US automakers are grappling with the challenge posed by Chinese EV companies like BYD and Xiaomi, who have rolled out affordable electric vehicles packed with advanced technology. While these companies are unable to sell their cars in America due to <a target="_blank" class="" href="https://www.businessinsider.com/tesla-criticizes-biden-plan-to-ban-chinese-tech-in-cars-2024-11">cripplingly high tariffs</a>, they are putting Western companies under pressure in China and attracting plaudits in the US, with Ford CEO <a target="_blank" class="" href="https://www.businessinsider.com/ford-ceo-driving-xiaomi-su7-electric-vehicles-ev-2024-10">Jim Farley praising Xiaomi's SU7 EV</a>. Rawlinson previously described China's automakers <a target="_blank" class="" href="https://www.businessinsider.com/lucid-chinese-automakers-years-behind-tesla-electric-vehicles-elon-musk-2024-5">as "years behind" the likes of Tesla</a> in terms of core EV technology. Speaking on the Cars and Culture podcast, he said Chinese companies like BYD were ahead of US rivals in battery chemistry and assisted driving technology — but said they benefit from an "uneven playing field" due to government subsidies. "I think the Chinese do have a fundamental advantage because when the government says go, they all go in the same direction instead of arguing with each other," Rawlinson said. A study from the Centre for Strategic and International Studies think tank, released earlier this year, found that China has <a target="_blank" class="" href="https://www.businessinsider.com/china-electric-vehicles-government-subsidies-win-ev-race-byd-tesla-2024-6">provided at least $230 billion in support</a> to electric vehicle makers such as BYD since 2009. "I'd say they're still behind in terms of the core EV powertrain technology, but don't underestimate them," Rawlinson added. Lucid did not respond to a request for comment, sent outside normal working hours. This story has been amended to state that the production of Lucid's Gravity SUV is scheduled to start at the end of 2024.

Drivers are being 'ill-served by underwhelming EVs,' says boss of Tesla rival Lucid 

The one-hour <keyword id="23618998" type="General" weightage="100" keywordseo="Muhurat-trading" source="keywords">muhurat trading</keyword> session, which marks <keyword id="20963892" type="General" weightage="20" keywordseo="Diwali-2024" source="keywords">Diwali 2024</keyword> and the onset of Hindu Samvat 2081 on both NSE and BSE, is set to commence at 6 pm today and will conclude at 7 pm. Generally, investors and traders make symbolic stock buys during this hour-long session, since it is believed that purchases made during this time herald wealth and prosperity for one’s investments for the year to come. If you are looking for <keyword id="19910146" type="General" weightage="20" keywordseo="stock-recommendations" source="keywords">stock recommendations</keyword> to add to your portfolio, here are a few value picks by SAMCO and Kotak Securities you can consider: <keyword id="19895995" type="General" weightage="20" keywordseo="HDFC-Bank" source="keywords" meta.keywordsubtype="org" meta.entityname="HDFC Bank" meta.hostid="261" meta.entityid="HDFC Bank">HDFC Bank</keyword> Ltd Holding period: 1 year Last Traded Price: Rs 1,734.30 Per the firm, “The bank has maintained a robust 10-year profit CAGR of 21.74%, operating with a NIM (net interest margin) of 3.5% and a low net NPA (non-performing assets) of 0.3%. Advances and deposits have shown steady growth. Currently, the stock trades below its 10-year average price-to-book value and at a price-to-earnings ratio of 19, offering a favorable risk-reward profile with a substantial downside buffer”. <keyword id="22086440" type="General" weightage="20" keywordseo="Vindhya-Telelinks" source="keywords" meta.keywordsubtype="org" meta.entityname="Vindhya Telelinks" meta.hostid="261" meta.entityid="Vindhya Telelinks">Vindhya Telelinks</keyword> Ltd Holding Period: 1 year Last Traded Price: Rs 1,992.55 SAMCO notes that this key cable manufacturing, which is a joint venture between Universal Cables Limited and Madhya Pradesh State Industrial Development Corporation, has shown robust growth over the last 5 years, nearly doubling revenues with a 14.3% CAGR. The company holds significant investments in Birla Cable Ltd, Birla Corporation Ltd, and Universal Cable Ltd, totaling Rs 3,618 crore—surpassing its market capitalization of Rs 2,545 crore. This solid investment base underscores Vindhya Telelinks’ strong fundamentals and financial potential. <keyword id="23763358" type="General" weightage="20" keywordseo="Ramco-Industries" source="keywords" meta.keywordsubtype="org" meta.entityname="Ramco Industries" meta.hostid="261" meta.entityid="Ramco Industries">Ramco Industries</keyword> Ltd Holding Period: 1 year Last Traded Price: Rs 244.89 SAMCO observes that over the past decade, sales grew at a 7% CAGR, while the share price rose at a 14% CAGR. Known for its financial stability, Ramco Industries boasts a low debt-equity ratio of 0.07 and has consistently paid dividends since FY17, currently yielding 0.31%. The stock’s attractive price-to-book multiple of 0.5 offers a solid margin of safety, highlighting its investment appeal. <keyword id="22786675" type="General" weightage="20" keywordseo="Gravita-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Gravita India" meta.hostid="261" meta.entityid="Gravita India">Gravita India</keyword> Holding Period: 12 months Last Traded Price: Rs 2,119 Kotak explains that Gravita India is the market leader in India’s emerging recycling industry with a focus on lead recycling. Gravita India is increasing its recycling capacity by a massive 72% to 500 ktpa by FY27E. “We expect the company’s earnings per share to grow by 31.8% in FY25E &amp; 31.6% in FY26E. We also expect an upside of 15% or more on this stock over the next 12 months”, adds Kotak’s note. <keyword id="23763359" type="General" weightage="20" keywordseo="S-H-Kelkar" source="keywords" meta.keywordsubtype="org" meta.entityname="S H Kelkar" meta.hostid="261" meta.entityid="S H Kelkar">S H Kelkar</keyword> and Company (SHKL) Holding Period: 12 months Last Traded Price: Rs 289.90 The company is a flavors &amp; fragrances (F&amp;F) supplier and has started to make inroads into the global market. SHK is well-placed to drive double-digit revenue growth. The company is a small but emerging contender in the vast F&amp;F market, with potential for margin expansion—higher-margin geographies &amp; operating leverage—allowing for over 15% return upside in the next 12 months. Kotak Securities further notes that FY25 will likely see more broad-based growth across sectors. However, the OMCs (oil marketing companies) may likely drag down overall profits. Most sectors and stocks are quite overvalued, with the degree of overvaluation ranging from: (1) low for most large-cap consumers, IT services, and pharmaceuticals (2) medium in the investment space (3) high in the case of several low-quality companies. "As the broader market valuations are rich, opportunities arising from market correction can be used to add quality stocks (with attractive valuations) from a long-term investment perspective," explains the research firm's note. SAMCO further advises adding a little glitter to your portfolio using GoldBees and SilverBees ETFs since there are recessionary fears in the US and geopolitical tensions across the world. Even central bankers like RBI have been adding gold to their vaults like never before. At present, markets are looking to secure their return on capital rather than seeking a return on capital. "Thus all of these make a strong case to add gold and silver to the portfolio. They will give stability to your portfolio this Samvat," adds SAMCO's note.

Muhurat trading 2024: 5 stock picks you can consider this time around

It took something surprisingly small — something that's been described as "teeny tiny" and "ultra-cropped" — to propel <keyword id="19948011" type="General" weightage="100" keywordseo="Prada" source="keywords" meta.keywordsubtype="org" meta.entityname="Prada" meta.hostid="261" meta.entityid="Prada">Prada</keyword> to its place as one of the year's few luxury winners. In fact, it measures under 10 inches long. <keyword id="20885719" type="General" weightage="20" keywordseo="Miu-Miu" source="keywords" meta.keywordsubtype="org" meta.entityname="Miu Miu" meta.hostid="261" meta.entityid="Miu Miu">Miu Miu</keyword>'s micro miniskirt, which debuted in 2021 and subsequently went viral, taking over both TikTok and magazine front covers, is emblematic of the brand's show-stopping couple of years — and has no doubt helped its parent company, Prada, do what few luxury companies have been able to do this year: grow. "I think the 'miracle' at Prada is Miu Miu," Luca Solca, a senior analyst at Bernstein, told Business Insider. Thanks to <a target="_blank" href="https://www.businessinsider.com/miu-miu-revenue-jumps-93-gen-z-asia-sales-prada-2024-7">Miu Miu's hot streak</a>, as well as a series of smart business moves at Prada itself — a focus on a controlled retail pipeline and store productivity, plus some experienced new hires — the company is <a target="_blank" href="https://www.businessinsider.com/zara-inditex-pandora-thrive-amid-luxury-downturn-aspirational-consumer-trends-2024-9">bucking negative luxury trends</a>. It's selling well in Asia, its stock is up, and investors are excited. Net revenue for the first half of the year was 14% higher than in the same period in 2023 and 34% more than 2022. At luxury bellwethers LVMH and Kering, first-half sales fell 1% and 11%, respectively, compared to last year.Its stock is up more than 30% year-to-date, even more than that of <a target="_blank" href="https://www.businessinsider.com/hermes-became-ultimate-status-symbol-2024-2">Hermès, luxury's perennial market leader</a>. Along with Moncler, it's one of only two buy-rated luxury stocks at HSBC. The 111-year-old, family-run, Milanese leather goods shop turned cutting-edge fashion superhouse is now enjoying one of its greatest runs in history. <h2>The trendy little sister</h2>As any elder sibling knows well, sometimes the flashy, fun younger sister can outshine even the most well-prepared eldest. Miu Miu is doing just that. The more experimental brand has become the "It" girl of the fashion industry. It's number two on The Lyst Fashion Index, a quarterly measure of the hottest fashion brands. Searches for Miu Miu are up 47% this year on luxury resale platform The RealReal. The micro minis that stormed the runway in 2021, a sneaker collab with New Balance, and the quilted Wander bags have become must-have looks. That's translated into impressive results: <keyword id="19957111" type="General" weightage="20" keywordseo="retail-sales" source="keywords">Retail sales</keyword> were up 50% in 2023 and 86% in the first half of this year. Last quarter, website traffic was up 110% year over year, Stifel's Rogerio Fujimori reported in his July note. The brand will likely hit $1 billion in revenue this year. <div type="image" title="Miu Miu micro miniskirt" height="3109" width="4663" msid="113815737" hostid="261"></div>Part of it is the brand's messaging. "Miu Miu is resonating with consumers because of a savvy mix of product and communication marketing," Solca said. In a recent note, he highlighted the brand's events — a tennis club, literary club, and film series — that go beyond just fashion to form a "cultural aesthetic." Miu Miu has embraced stars (Sydney Sweeney and Gigi Hadid were featured in recent campaigns), which has energized its following. The brand has also managed to tap into Asian markets — one of the <a target="_blank" href="https://www.businessinsider.com/china-luxury-retail-sales-slowdown-brands-fashion-2024-7">most challenging sectors for luxury brands</a>. Again, some smart marketing has helped. The brand enlisted K-pop icons as ambassadors and dressed Chinese stars Lexie Liu, Zhao Jinmai, and Wu Yanshu. It also increased spending on Little Red Book, a social media platform in China, and threw events in Tokyo, Taipei, and Nanjing. In short — pun intended — you can't get trendier than Miu Miu right now, and being trendy is good for business. <h2>The business behind the boom</h2>But Miu Miu's popularity, as attention-grabbing as it is, is only part of the story. The brand accounted for 15% of Prada's sales last year. HSBC analysts called its growth a "(big) cherry on the cake" — the cake being Prada (which didn't respond to a request for comment from Business Insider for this story). Behind Miu Miu's Mary Jane shoes and Arcade bags is a success story at its parent company. The group's namesake line is growing, albeit at a slower and steadier pace. Prada's retail sales were up 3% in the first half of the year compared to last year and 7% in 2023. It's been among Lyst's top five hottest brands since 2022. This didn't happen by accident: In 2017, Prada committed to a turnaround strategy following a few losing yearsand a drop in profitability. At more than 100 years old, Prada hadn't entered the new millennium: Its full product line wasn't available through e-commerce, and its advertising wasn't digitized. "In 2015, the tide really turned for them," Jelena Sokolova, a senior analyst for Morningstar, told Business Insider. "They fared worse than the industry: Sales were negative for a number of years; their earnings plummeted." In response, Prada focused on retail, a channel in which it can control prices and cut back on wholesale, which now represents only 11% of sales. It made an effort to cut down on discounts — a problem that has <a target="_blank" href="https://www.businessinsider.com/how-burberry-became-fashions-biggest-fail-stock-drop-ceo-ousting-2024-8">plagued labels like Burberry</a> and Gucci and can lead to diminishing brand perception. At its retail stores, new CEO Andrea Guerra, who arrived in 2023 from LVMH, has drilled down on productivity, or how much money each square foot of retail space generates, by launching in-store installations, forming one-to-one relationships between sales associates and customers, and infusing stores with wearable pieces and collaborations. The company closed stores that weren't performing and renovated the ones that were. It's worked: Retail productivity has increased 32.5% between 2019 and 2023. <div type="image" title="Prada store" height="3333" width="5000" msid="113815742" hostid="261"></div>There has also been a slew of management changes. In 2020, the company brought on Raf Simons, heralded as one of the biggest stars in the design world, as co-creative director, sharing the title with Muccia Prada — the company's billionaire heiress who The New York Times has <a target="_blank" href="https://www.nytimes.com/2023/10/04/style/miu-miu-chanel-louis-vuitton-paris-fashion-week.html">referred</a> to as "the most influential woman in fashion." Prada now has more time to use her keen sense of design at Miu Miu. In the years following, it recruited talent from LVMH and Goldman Sachs to join its top ranks. And then there is the sheer cyclicality of fashion and the fact that, after a few years of being less-than-hot, Prada is once again on the rise. It has embraced the 1990s and Y2K aesthetic — a heyday for Prada — popular with Gen Z and was the most searched brand among the demographic on The RealReal. Hit products pushed the profitable leather goods category to revenues of more than $2 billion last year. There was a reimagining of the early 2010s it-bag, the Galleria, complete with a Scarlett Johansson-led campaign. Other handbag rereleases, like that of the Nylon, have taken off, while new purse styles like the Buckle and Arqué got callouts in last year's earnings report. That momentum gave the brand an upper hand going into the luxury downturn. "People prioritize which brands they want to spend on. With a limited budget, first, you drop the ones that were not hot to begin with," Sokolova said. <h2>Can Prada's hot streak last?</h2>Just as fashion comes in, it can come out. And Prada's story — particularly Miu Miu's rapid-fire growth — in some ways mimics that of <a target="_blank" href="https://www.businessinsider.com/gucci-sales-profit-reputation-falling-luxury-kering-michele-china-2024-5">Gucci's hype-driven rise and plummeting fall under Alessandro Michele</a>. "You kind of become a victim of your own success," Sokolova said. Both Prada and Miu Miu are susceptible to volatility, though for different reasons. Miu Miu is still relatively small, meaning its brand identity is not yet established enough to withstand the whims of consumers. CEO Guerra has acknowledged that such incredible growth can lead to a challenge. "There appears to be a glass ceiling," Solca wrote in a recent note. "Being prominent brings fatigue: after a while, consumers feel they have seen and done enough with these brands and move on." Prada, meanwhile, is more exposed in the cyclical ready-to-wear category — which makes up 32% of sales — than other brands like Gucci and YSL. But there are signs of continued growth: Miu Miu is adding 10 to 15 stores next year, while Prada is adding five to 10, the company has said. The brand's retail footprint is particularly underpenetrated in the US. The company's beauty business is still nascent. Last year, it launched skincare and makeup through a partnership with L'Oréal, and there is more money to be made in that sector. With so much control of its sales chain, the company can raise prices and limit overexposure through low-end collaborations or expansion into cheap categories. Plus, the slowdown hasn't happened yet: Miu Miu website traffic and sales continued to grow between the first and second quarters, and the company maintains it's not a flash in the pan. "This is a result of many years of work on the brand, on the products, on the people," Guerra said about Miu Miu's success on the company's most recent earnings call. Meanwhile, <a target="_blank" href="https://www.businessinsider.com/prada-white-tank-top-status-symbol-2024-2">Prada has maintained its brand value</a>. But the woman Miuccia Prada herself knows the pressure is on. "I was very nervous for this show," she told reporters backstage at the line's fashion show earlier this month about the new collection, <a target="_blank" href="https://www.nytimes.com/2024/09/20/style/prada-fendi-milan-fashion-week.html">The New York Times reported</a>. "Much more than usual." September 30, 2024 — An earlier version of this story misspelled the name of Miuccia Prada.

How Prada is beating the odds and bucking the luxury slump 

<ul class="summary-list"><li>GameStop stock plunged on Wednesday after revealing a 31% revenue decline in its second-quarter earnings.</li><li>The video game retailer's revenue drop comes amid the industry's shift to digital game downloads.</li></ul><a target="_blank" class="" href="https://markets.businessinsider.com/stocks/gme-stock?utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">GameStop</a> investors received a sobering wakeup call on Wednesday after the video game retailer saw its stock plunge as much as 18%.The decline came after the struggling retailer announced its second-quarter earnings results after the market close on Tuesday, along with another round of share dilution.GameStop's earnings revealed a sharp 31% revenue decline to $798 million as the video game industry accelerates its transition from physical game sales to digital game downloads.This ongoing shift likely sparked GameStop's recent pivot to selling retro video games for nostalgic consoles like the Nintendo 64 and Sega Genesis, as digital sales cannot replace them.Aside from the sharp revenue decline, GameStop reported a slight profit surprise with adjusted earnings per share of $0.01 higher than the -$0.09 estimate from Wall Street.The only problem is that GameStop's profits were driven by the interest earned on its $4.2 billion pile of cash rather than its underlying retail business.GameStop reported $22 million in operating losses during the quarter, which are directly related to its retail business. On the other hand, the company reported $39.5 million in net interest income.But that elevated interest income can't last forever, with the Federal Reserve set to make its first interest rate cut since 2019 next week. A significant decline in interest rates over the next year could plunge GameStop back into negative profit territory.GameStop addressed this dynamic in its 10-Q report filed with the SEC on Tuesday.In it, the company said its profitable quarter was "primarily attributable to interest income increasing as a result of higher returns on invested cash, cash equivalents, and marketable securities, as well as return on cash received from the issuance and sale of shares of our common stock from the ATM Offering."The ATM offering references GameStop's recent share sales, which it was able to complete after Keith Gill of RoaringKitty fame returned to social media in May and <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/roaring-kitty-nearly-doubles-gamestop-position-to-9-million-shares-2024-6">generated a lot of enthusiasm for GameStop stock,</a> sending shares on another roller coaster ride reminiscent of the meme-stock boom in 2021.But the <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/gamestop-stock-price-roaring-kitty-keith-gill-livestream-return-gme-2024-6">hype quickly died down,</a> and now GameStop needs to chart its strategy.Part of its path forward is raising even more cash from investors. The company disclosed on Tuesday that it had filed for an offering of up to 20 million shares, putting further pressure on the stock price.Investors are still waiting for GameStop CEO Ryan Cohen's turnaround plan to take hold, and some of them appear to be sticking with him."I believe in Ryan Cohen's GameStop. Adding more…" one <a target="_blank" class="" href="https://www.reddit.com/r/GME/comments/1feeuyp/i_believe_in_ryan_cohens_gamestop_adding_more/">Reddit user posted on Wednesday,</a> along with a screenshot of an unfilled limit buy order for 100,000 shares of the company.

GameStop craters as earnings show sales falling and profits driven mostly by its huge cash pile 

<ul><li>A Redseer report says that e-commerce companies have hit a gross merchandise value or GMV of $1.8 billion in the first 3 days of their festive sales. </li><li>The Big Billion Days, Great Indian Festival sale, Snap-Diwali and others provide multiple offers and deals to consumers. </li><li>The e-commerce sector will now meet 80-100% of the forecasted target of $3.7 billion GMV from the sale time alone. </li></ul>It’s truly a festive season for Indian e-commerce players. A Redseer report says that e-retailers hit a gross merchandise value or GMV of $1.8 in the first 3 days of their sales. From Flipkart to Amazon to Snapdeal, every Indian e-commerce player is currently hosting their annual sales. The Big Billion Days, Great Indian Festival sale, Snap-Diwali and others provide multiple offers and deals across products to consumers. Redseer report further says that the e-commerce sector will meet 80-100% of the forecasted target of $3.7 billion GMV from their sales alone. “The first three days have been a strong success for e-tailers despite challenging macro environment, indicating that consumer sentiment on online shopping remains bullish. We expect the industry to continue to do well in the remaining days of the sales event and achieve 80-100% of the RedSeer forecasted numbers for the whole 6-day event,” said Anil Kumar, Founder and CEO, RedSeer Consulting. The mobile segment has led the sales, with 55% GMV coming from smartphones. Amazon said that OnePlus, Samsung and Apple crossed ₹750 crore in sales within 36 hours of the sale. In fact, OnePlus clocked in a record ₹500 crore revenue on the second day of Amazon Great Indian Festival. “We’re honoured by the overwhelming response received as this stands testament to the highest level of customer satisfaction and the strong trust in our brand. India is one of our most important markets and we will strive to ensure an unparalleled, superior experience for our users,”said Vikas Agarwal, General Manager, OnePlus India. This is gloom of an economic slowdown which has impacted the <a href="https://www.businessinsider.in/business/ecommerce/news/flipkart-and-amazon-sales-beat-slowdown-blues-to-lift-consumer-sentiment/articleshow/71384852.cms">consumer sentiment</a>. But the online sales seem to have altered it. Both Flipkart and Amazon managed to open up new markets as well. As much as 91% of Amazon’s new customers came from Tier 2 and 3 towns.Flipkart said that its number of transacting customers from Tier 2 and beyond doubled over last year’s sale on the first day.

Amazon, Flipkart, Snapdeal and others clock in $1.8 bn in revenue within 3 days of festive sales

<ul class="summary-list"><li>Apple has agreed to pay $490 million to settle a 2019 class-action lawsuit from shareholders.</li><li>The lawsuit alleged CEO Tim Cook made false comments about China sales in a 2018 earnings call.</li></ul>Comments Apple's CEO Tim Cook made years ago have just cost the company a boatload of money.The tech giant agreed to pay out $490 million to settle a class-action lawsuit shareholders lodged against the company in 2019, according to a proposed settlement filed in California court on Friday.The settlement amount comes out to about 2 days of profit for Apple, which reported $97 billion in net income for 2023, <a target="_blank" href="https://www.reuters.com/legal/apple-reaches-490-million-settlement-with-shareholders-over-china-sales-comments-2024-03-15/">according to Reuters</a>. But it's a costly consequence for Cook's statements.In their initial complaint, the investors accused Cook of making false comments about the company's sales in China during a 2018 earnings call.In the call on November 1, 2018, Cook told investors that Apple was struggling in markets like Brazil, India, Russia, and Turkey.But, he added, "I would not put China in that category."During that call, Cook also said, "Business in China was very strong last quarter. We grew 16%, which we're very happy with. iPhone in particular was very strong, very strong double-digit growth there," <a target="_blank" href="https://www.businessinsider.com/apple-faces-lawsuit-for-failing-to-warn-about-china-lower-iphone-demand-2019-1">Business Insider previously reported</a>.But, just days later, Apple told its suppliers to slow production, according to Reuters.Then, at the beginning of 2019, <a target="_blank" href="https://www.businessinsider.com/apple-profit-warning-how-wall-street-reacted-2019-1">Apple announced it was dramatically cutting its revenue forecast</a> for the first quarter of the year. Instead of the $89 billion to $93 billion Apple had predicted for the quarter, the company lowered its estimate by 7.6%, down to $84 billion.And — in stark contrast to what Cook had said just months before — the company partly blamed the decrease on slumping sales in China, where trade tensions with the US were high.The investors alleged in court documents that Cook's false and misleading comments in the November call had "caused Apple's stock to trade at artificially inflated prices, and that, when the true facts were disclosed, Apple's stock price declined."In the filing, Apple denied wrongdoing, saying that it had agreed to the settlement "in recognition that further litigation will be protracted, overly burdensome, expensive, and distracting."The settlement still requires approval from US District Judge Yvonne Gonzalez Rogers.Representatives for the plaintiffs and for Apple did not immediately respond to BI's request for comment.

Tim Cook's comments about iPhone sales in China just cost Apple $490 million

<ul><li><keyword id="413856" type="General" weightage="20" keywordseo="kalyan-jewellers" source="Orion">Kalyan Jewellers</keyword> India has recorded a profit after tax (PAT) of ₹108 crore in Q1FY23.</li><li>The company has witnessed momentum in footfalls and revenue across India and Middle East markets.</li><li>Kalyan aims to increase its retail footprint in India by another 8%, before Diwali this year.</li></ul>Hefty import duties and gold price volatility did not take the shine off Kalyan Jewellers, as it reported a net profit of ₹108 crore in the April-June quarter. In the same period last year, it reported a loss of ₹51 crore. Its consolidated revenues stood at ₹3,333 crore almost doubling from ₹1,637 crore reported in the same quarter last year. “The recently concluded quarter has been a positive one for Kalyan Jewellers, having witnessed robust momentum in both footfalls and revenue across India and Middle East markets. Revenue momentum in the current quarter has remained encouraging, thus far, and we are keenly looking forward to the upcoming <keyword id="36208" type="General" weightage="20" keywordseo="festive-season" source="Orion">festive season</keyword>,” said Ramesh Kalyanaraman, ED, Kalyan Jewellers India. In the Middle East, which contributes around 17% to its overall business, the jewellers’ total revenue from operations went up by 69% to ₹574 crore in Q1 as against ₹340 crore last year. The jewellers’ stock surged by 5.87% in today’s trade, as per NSE. Increasing its footprint Kalyan Jewellers, which launched its first franchised showroom in Q1, aims to increase its retail footprint in India by another 8%, before Diwali this year. This new line up is planned in the non-South markets. It will also focus on scaling up operations within micro markets of tier-1 cities like Delhi and Mumbai, while aggressively expanding its presence in tier-2 and tier-3 markets. “We have built a meaningful pipeline of additional franchise showrooms on the back of very encouraging responses from potential franchise partners, and we are on track with our expansion plans for the current financial year. We believe the successful launch of the first set of franchised showrooms will give us the confidence to further enhance the pace of expansion through this significantly more capital efficient and return accretive path,” said Kalyanaraman. As of June 30, 2022, Kalyan Jewellers' store network across India and the Middle East stood at 158.

Kalyan Jewellers posts ₹108 cr net profit; looks forward to festive sales

<keyword id="6359783" type="General" weightage="80" keywordseo="bajaj-auto" source="Orion">Bajaj Auto</keyword> said its consolidated net profit increased 17.51% to Rs 2,020 crore for the September quarter with robust domestic performance driving record revenue. The Pune-based company had reported a consolidated net profit of Rs 1,719 crore in the year-ago period. Total income increased to Rs 11,207 crore for the second quarter of the current fiscal from Rs 10,537 crore a year ago, Bajaj Auto said in a regulatory filing. Bajaj Auto said its revenue from operations registered a new high of Rs 10,777 crore, up 6% year-on-year (YoY). In terms of volume, Bajaj said it sold a total of 10,53,953 units in the quarter under review, down 8% from 11,51,012 units in the year-ago period. Two-wheeler sales in the domestic market were down 19% to 5,05,320 units in Q2 as compared to 6,21,134 units in the year-ago period, while exports were at 3,76,263 units as against 3,97,900 units last year, down 5%. Total three-wheeler sales were at 1,72,370 units in the quarter under review as against 1,31,978 units in the corresponding period a year ago, up 31%. In the domestic market, the company said it clocked its highest-ever quarterly sales at 1,32,236 units as against 73,241 units last year, registering an increase of 81%. Addressing reporters in a virtual earnings call, Bajaj Auto Executive Director Rakesh Sharma said the company has been able to deliver "record breaking" performance in the midst of difficult international trading conditions. He said the drop in volumes of two-wheelers was due to the high base effect of the corresponding period last fiscal. Led by strong performance in the 125cc and above motorcycle segment, Sharma said Bajaj Auto has been able to increase its market share, which, along with better product mix, resulted in better revenue realisation. The domestic business registered a new peak, on the back of six successive quarters of double-digit growth, he added. On the company's electric two-wheeler brand <keyword id="409918" type="General" weightage="50" keywordseo="chetak" source="Orion">Chetak</keyword>, Sharma said after sorting out supply chain issues since March-April this year, Bajaj Auto has been able to increase its market share in the electric two-wheeler segment to 11% in Q2, up from 3% in FY23. The portfolio of the brand would also be expanded, he said, adding that the sales network of Chetak is present in 120 cities as against 90 in the previous quarter. Asked about the penetration of electric two-wheelers, he said it is at around 5% of the overall two-wheeler industry and in the September quarter, it has been "stuck" at monthly sales of about 65,000 units due to increase in prices after the reduction in FAME II subsidy. It has led to consolidation with the top-five players commanding 75% of the market as compared to 50% earlier and the bottom players have been weakened and severely hit. Sharma said one needs to wait and see how electric two-wheelers will grow in future as it will depend on the continuation or changes in the FAME scheme. Commenting on the performance of premium bike <keyword id="52525" type="General" weightage="50" keywordseo="triumph" source="Orion">Triumph</keyword>, he said it has been received extremely well in the market with the model clocking 8,000 units in the first one and half months of deliveries since August. Bajaj Auto will increase monthly production of the model to 10,000 units by the fourth quarter of FY24, up from 7,000 units currently. The company is also planning to start exports of Triumph bikes in the third quarter, while work on taking the brand experience to over 100 cities by the year end is on track from 26 currently, he added. Asked about the company's new launches, Sharma said there will be six upgrades and new launches in the 125 cc and above segment in the next four to five months starting after Diwali. On exports, he said a slow and steady recovery is expected considering the current global geopolitical situation and the difficulties in the financial system. Bajaj Auto said it sustained strong cash generation by adding over Rs 3,600 crore of free cash flow in the first half of the current fiscal. Shares of the company ended marginally up at 5,143.80 apiece on the BSE on Wednesday.

Bajaj Auto Q2 net profit rises 17% to Rs 2,020 crore

<ul><li>India's largest bank, the State Bank of India, posted a profit jump of 315% in the fourth quarter as compared to same quarter last year.</li><li>Much of profit comes from the sale of its stake in its subsidiaries, SBI Life Insurance and SBI Cards and Payment Services. </li><li>SBI's share price was up by more than 6% after its earnings were announced.</li></ul> India’s largest bank, the State Bank of India (SBI), posted a profit of ₹3,480.81 crore for the fourth quartered ending on 31 March 2020 — a jump of more than four times compared to its profit from the same quarter last year at ₹838.40 crore. “This is the highest ever yearly net profit recorded by the bank,” said SBI. Much of the profit comes from the bank shedding its stake in its subsidiaries. SBI earned ₹3,843.40 crore from selling its investment in SBI Life Insurance in Q2 FY 20 and ₹2,731 crore from sale of stake in SBI Cards and Payment Services. The good news for investors is that the government-owned bank has managed to keep bad loans under check. However, the shares had already rallied in the hope of a strong set of numbers from SBI. Once the earnings were out, the bank's share price was up by more than 6%. <div type="javascript" title="Custom" contenttype="Image"><cdata><![CDATA[<div class="flourish-embed flourish-chart" data-src="visualisation/2720937" data-url="https://flo.uri.sh/visualisation/2720937/embed"></div>]]></cdata></div> Despite a standstill on ₹23,25,285 crore loans⁠— due to a government mandate on dues that couldn’t be collected due to the coronavirus lockdown ⁠— the gross non-performing assets (NPA) was ₹1,49,091 crore, about 6.15% of the total loan book. “Exposure to severely stressed sectors by COIVD 19 is less than 4.0% of the book,” said the bank’s management. Home loans, which make up for 22% of SBI’s domestic advances, grew by 13.86% year-on-year (YoY). <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Particulars </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Jan-Mar 2020 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Jan-Mar 2019 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Gross NPA </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 1,49,091.85 cr </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 1,72,750.36 cr </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Net NPA </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 51,871.30 cr </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 58, 248.61 cr </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Provision coverage ratio </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">83.61% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"> </td></tr></tbody></table> Provision coverage ratio Ahead of the earnings, Credit Suisse had expected SBI’s growth to slow and its credit costs to rise this year and the next financial year. Selling some of its stake in insurance could partly offset SBI’s capital needs. “SBI’s stake sale in its insurance subsidiaries, to 30%, can cover 50% of its capital call,” the report said. And that could unlock some value for its shareholders. <div type="javascript" title="Custom" contenttype="Image"><cdata><![CDATA[<div class="flourish-embed flourish-chart" data-src="visualisation/2720228" data-url="https://flo.uri.sh/visualisation/2720228/embed"></div>]]></cdata></div> However, it still expected growth to be severely hampered, with expectations of GDP turning negative. “We believe there is a potential risk of sharply declining asset quality in both the corporate as well as individual segments of loan books,” said Credit Suisse.

India's largest bank's profit spikes thanks to SBI Cards share sale⁠— bad loans are under control

<ul><li>Snapdeal’s user base has grown by 37% in the last 12 months on the back of its changing focus on ‘Bharat’, gamification, and enhanced user experience.</li><li>As per the audited financials for FY 2019-20, Snapdeal’s consolidated revenues grew by 73% – from ₹535.9 crore in FY 18 to ₹925.3 crore in FY19.</li><li>The e-commerce platform also witnessed a 52% increase in its order volumes this festive season, with 90% of its orders coming from non-metro users. </li></ul>Snapdeal has crossed 100 million app downloads on Google Play Store. The e-commerce platform witnessed this growth after changing its focus to ‘Bharat,’ enhancing user experience, and introducing engaging activities on its app. Snapdeal’s downloads have grown rapidly in the last 12 months – climbing from 73 million in October 2018 to crossing 100 million in October 2019, a gain of 37%. *in millions “The 100 million android app downloads are a reflection of our leadership and granular understanding of Bharat-focused e-commerce. We are delighted that our efforts to improve access, convenience and value for millions of users across India continues to grow and deepen the e-commerce market in India,” said a Snapdeal’s spokesperson. Snapdeal has made several additions including a continuous feed that is personalized for each user, allowing users to discover relevant products in an engaging way. In addition, the app features SD TV – which has thousands of short product videos highlighting the functionality and salient features of popular products. Snapdeal has also added a few engagement activities on its app. More than a million sessions of Spin the Wheel, Scratch Cards, Daily Visits Recorder, Timer-based challenges are unlocked every day on the <keyword id="4425196" type="PERSON" weightage="20" keywordseo="Snapdeal-App">Snapdeal app</keyword>. These gamification initiatives incentivize users in a variety of ways through instant rewards, special deals etc. Snapdeal also witnessed a hike its web traffic. In October 2019, the monthly traffic on Snapdeal crossed 240 million visits – recording an all-time high. As per audited financials for the FY 2019-20, Snapdeal’s consolidated revenues grew by 73% – from ₹535.9 crore in FY 18 to ₹925.3 crore in FY19. Simultaneously, it also reduced its loss by 71% – from ₹611 crore in FY 18 to ₹ 186 crore in FY 19. In the recently concluded Diwali season, Snapdeal saw growth not just in terms of traffic and app downloads but also witnessed 52% increase in order volumes this festive season, with 90% of its orders coming from non-metro users. Snapdeal’s growth in traffic and increase in volumes is also due to the deepening of its focus on value-priced merchandise. In the last two years, Snapdeal has added 60,000+ new seller partners, who have added over 50 Million new listings aimed at building a deep assortment of products relevant for value-savvy buyers. Snapdeal now has more than 500,000 registered sellers, who have more than 200 million listings on the marketplace.

Snapdeal crosses 100 million app downloads; user base grows by 37%

<ul class="summary-list"><li>Despite sweeping <keyword id="12754126" type="UNKNOWN" weightage="60" keywordseo="sanctions" source="Orion">sanctions</keyword>, <keyword id="11894337" type="UNKNOWN" weightage="60" keywordseo="russia" source="Orion">Russia</keyword> is reaping bumper revenue from oil and gas sales.</li><li>But experts say sanctioned countries like <keyword id="12062557" type="UNKNOWN" weightage="60" keywordseo="iran" source="Orion">Iran</keyword> and <keyword id="12110530" type="UNKNOWN" weightage="60" keywordseo="venezuela" source="Orion">Venezuela</keyword> should serve as cautionary tales for Russia.</li></ul>Four months into the <keyword id="13186997" type="UNKNOWN" weightage="60" keywordseo="ukraine-war" source="Orion">Ukraine war</keyword>, Russia is reaping bumper revenue from its <a href="https://www.businessinsider.com/russia-expects-more-profits-from-energy-exports-west-policies-2022-6">oil and gas sales</a> — but experts say Moscow should consider other heavily sanctioned countries in recent history, including Iran and Venezuela, as a cautionary tale in the longer run."Oil-producing nations like Iran and Venezuela, which have been hit with economic sanctions in the past, suffered grave hits to their oil production, from which they still haven't recovered," said Takahide Kiuchi, an economist at Nomura Research Institute.That's because the sanctions are designed to lower demand, in turn forcing the country's oil producers to cut output, experts told Insider. The Russian oil industry is also likely to suffer from a decline in technological advancements as <a href="https://www.businessinsider.com/list-all-the-companies-pulling-out-of-russia-ukraine-war-2022-3">foreign investments pull out</a> en masse from the country.And Russia could be even more badly affected than Iran and Venezuela, as most sanctions against Tehran and Caracas were imposed by the US, Kiuchi told Insider. Restrictions on Russian trade are far more wide-ranging, he said, as the <a href="https://www.businessinsider.com/biden-us-ban-russian-oil-natural-gas-coal-imports-report-2022-3?utm_medium=ingest&amp;utm_source=markets">US</a> is not the only one sanctioning Russia: The UK, too, has banned the country's oil, while <a href="https://www.businessinsider.com/european-union-leaders-russian-oil-2022-5">EU</a> countries have agreed to ban 90% of Russian crude imports by the end of the year.All of these factors combined, experts say, point to a decline for Moscow's cash cow as trade restrictions gnaw their way through the economy.Here's how the Iranian and Venezuelan oil industries have been battered by sanctions in recent years — heralding what could come for Russia.<h2>Iranian and Venezuelan oil production went into free fall after US sanctions hit</h2>In July 2015, <a href="https://www.businessinsider.com/iran-nuclear-deal-explained">Iran reached a historic deal</a> with six world powers — the US, UK, China, France, Germany, and Russia — to limit its nuclear program in exchange for sanctions relief, including for oil. After the sanctions were lifted, Iranian oil exports rose to 2 million barrels per day in 2016 and reached a peak of 2.8 million barrels per day in 2018, according to <a href="https://www.reuters.com/world/middle-east/ebb-flow-sanctions-iranian-oil-2022-02-07/">Reuters</a> data. This number started to fall back after the US — under former President Donald Trump — unilaterally withdrew from the agreement in May and reimposed sanctions. The move sent Iran's oil exports plunging by over 90% later in the same year to 200,000 barrels per day, according to Reuters.Like Iran, "the supply-side of Russia's economy will almost certainly be impacted" by sanctions, <a href="https://www.schroders.com/nl/nl/professionele/nieuws-marktinformatie/economie/is-russia-the-new-iran-as-a-result-of-sanctions/?t=true">Schroders,</a> an asset management firm, wrote in a note in March.Venezuela was sanctioned by the US in 2019 in a bid to oust socialist <a href="https://www.businessinsider.com/venezuela-juan-guaido-inside-stratospheric-rise-of-opposition-2019-3">President Nicolas Maduro.</a> As a result, Venezuela's exports fell to a 77-year-low of 623,600 barrels per day in 2020 — down a third from 1.89 million barrels per day in 2016 before sanctions hit, according to Reuters data.Sanctions against Iranian and Venezuelan oil hit the countries during a period of low <keyword id="11917806" type="UNKNOWN" weightage="100" keywordseo="energy" source="Orion">energy</keyword> prices from 2014 to 2020, so any sales they managed to eke out would have been modest compared to Russia's windfall in the current boom market. That's as oil prices have risen to 13-year highs due to an energy supply crunch not just because of the war, but as world demand is recovering from the pandemic as well.Despite robust sales revenues, Russia's economy ministry still forecast oil production to fall 17% this year from 2021, <a href="https://www.reuters.com/business/energy/exclusive-russia-sees-its-oil-output-falling-by-up-17-2022-document-2022-04-27/">Reuters</a> reported in April, citing an official document. The country exported about <a href="https://www.iea.org/reports/russian-supplies-to-global-energy-markets/oil-market-and-russian-supply-2">5 million barrels</a> of crude oil per day in 2021, half of which went to <a href="https://www.iea.org/articles/frequently-asked-questions-on-energy-security">Europe,</a> according to the International Energy Agency.Although countries like <a href="https://www.businessinsider.com/russia-ukraine-energy-trade-coal-gas-oil-countries-2022-4">India and China</a> have stepped in to buy Russian oil shunned by the rest of the international community, it's unlikely that Moscow will be able to find buyers for all the oil it sells to the EU, said Henning Gloystein, the director for energy, climate, and resources at the Eurasia Group, a risk consultancy."The rest of the world cannot fully absorb what Europe used to import in terms of crude," Gloystein told Insider.<h2>Sanctions on Russia will lead to technological and hardware decay</h2>More importantly for Russia, the energy market boom will not last forever and a slowing of major investment into the country's oil industry will hit hardware in the long run, experts told Insider.In Venezuela, the degradation of its oil infrastructure has already hurt the quality of the crude grades it exports, resulting in price discounts and shipping delays, <a href="https://txtify.it//https://www.reuters.com/markets/commodities/venezuela-halts-free-fall-its-oil-exports-output-recovers-2022-01-05/">Reuters</a> reported in January, citing documents from state-owned oil firm Petroleos de Venezuela.In Iran, oil embargos and technological restrictions have sent the industry into a state of chronic underinvestment, according to Schroders. The country's oil minister Javad Owji said in November the country needed $160 billion in investment to upgrade and improve production to avoid becoming a net oil and gas importer, <a href="https://www.iranintl.com/en/20211220322799">Iran International TV station</a> reported.If Russia's energy production declines to a stage at which it — as Iran now fears — has to start importing, that could push up inflation and spill over into the rest of the economy, Schroders said. The situation is already starting to play out in Russia as key software used in the oil and gas industry is becoming obsolete. This is because companies exiting the market will not continue updating or servicing software and codes, <a href="https://www.bloomberg.com/news/articles/2022-06-28/russian-industry-faces-code-crisis-as-critical-software-pulled">Bloomberg</a> reported on June 28. "The departure of Western energy firms from Russia will also result in a lack of investment and highly trained staff required to maintain or raise output," Eurasia's Gloystein said.While investors from China may step in at some point to fill the void in Russia's oil industry, Kiuchi said it could take time for this scenario to play out as the Chinese are cautious about appearing overly supportive of Russia for fear of being caught up in secondary sanctions.So, even though Russia appears to have the upper hand now due to favorable market conditions, history shows sanctions leave "deep and long-lasting scars on the target country," Schroders added.Eventually, "Russia may lose its status as a resource-rich country," Nomura's Kiuchi said.

Russia is reaping bumper revenue from oil and gas sales &mdash; but Iran and Venezuela should serve as cautionary tales for Moscow's energy industry

<ul><li>CEO hopes for recovery in commercial vehicle sales, along with the economy, by the end of the year.</li><li>The demand for cars and trucks — which make up for a majority of Tata’s products— was already very weak before the pandemic and now, it is abysmally low. </li><li><a href="https://www.businessinsider.in">Check out the latest news and updates on Business Insider. </a></li></ul>One of India’s top five car makers, Tata Motors, saw its sales in April-June 2020 dip to a fifth of what it was a year earlier. The demand for cars and trucks — which make up for a majority of Tata’s products— was already very weak before the pandemic and now, it is abysmally low. Consequently, the net loss (before one-time items) for the India unit widened nearly 22 times to ₹2,190 crore. “Even as we continue to address the challenges, we see some disruption due to the intermittent shutdowns and supply chain bottlenecks,” Guenter Butschek, CEO and MD, Tata Motors, said. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Sales </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">April to June 2020 </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">April to June 2019 </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Growth % </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tata Motors </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">25,047 </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1,37,545 </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-82% </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">JLR </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">139492 </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">247165 </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-44% </td></tr></tbody></table> The revenue from the luxury car maker Jaguar Land Rover (JLR), Tata Motors’ British subsidiary, was down over 44% and it is now even more crucial for Tata Motors’ fortunes. The operating loss from JLR widened 8% to £13.6 million. “In this context, we are committed to significantly deleveraging the business in the coming years and aim to generate positive free cash flows,” the company statement said. <div type="image" title="JLR Revenue contribution" msid="77284984" hostid="261"></div>The stock has seen a run up of over 49% since the end of March, as investors hoped that the pent up demand during the lockdown, especially from people who do not want to use public transport anymore, would support the revenue. However, those hopes have now come undone. <div type="image" title="tata Stock Price (1)" msid="77285007" hostid="261"></div> “We have witnessed some green shoots emerging in PV owing to some pent up demand pre COVID, and are hopeful for a full recovery of the CV industry by the end of the fiscal year, with a gradual pickup of demand, aligned to the economic recovery,” said Butschek. SEE ALSO:<a href="https://www.businessinsider.in/stock-market/markets/news/dixon-technologies-shares-get-a-3-boost-after-india-curbs-colour-television-imports/articleshow/77277551.cms" data-type="tilCustomLink"> Dixon shares get a 3% boost after India curbs colour television imports</a> <a href="https://www.businessinsider.in/business/auto/news/maruti-mahindra-and-mahindra-hero-moto-bajaj-auto-and-other-july-auto-sales-data-estimate/articleshow/77275348.cms" data-type="tilCustomLink">There may be little solace for Maruti, M&amp;M, Hero Moto, Bajaj Auto and others in the July auto sales data</a>

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