Select auto stocks in focus on halting production

Hero MotoCorp has decided to halt operations at all its global manufacturing facilities - including in India, Colombia and Bangladesh ‐ and the Global Parts Centre (GPC) at Neemrana with immediate effect until 31 March 2020. This is considering the safety and wellbeing of its employees as top priority in view of the escalating COVID‐19 situation.

Mahindra & Mahindra said in light of heightened concern on spread of CoronaVirus in the State of Maharashtra, the company decided to suspend the manufacturing operations at Nagpur Plant with immediate effect and Chakan (Pune) and Kandivali (Mumbai) from Monday, 23 March 2020 night onwards.

Tata Motors said in light of the ongoing coronavirus situation, Jaguar Land Rover has confirmed that it will temporarily suspend production at its UK manufacturing facilities over the course of next week. The company's intention is to resume in the week of 20 April 2020, subject to review of the rapidly-changing circumstances.

Escorts informed that Kubota Corporation (Kubota), will acquire 10% equity stake at Rs 850 per share. Kubota's investment will constitute 9. 1% of the equity stake on a pre capital reduction or 10% on a post capital reduction basis for a total investment of Rs 10, 419, 034, 800.

Lupin announced the launch of Betamethasone Dipropionate Ointment USP (Augmented), 0.05%, having received an approval from the United States Food and Drug Administration (USFDA) earlier. The product would be manufactured at Lupin's Pithampur (Unit Ill) facility, India.

Welspun Corp informed that one of the orders planned from the USA facility has been deferred. The customer communicated that owing to the unprecedented energy environment, execution of this order of 159 KMT slated for FY20-21 will be deferred for a period of 9 months. Despite this deferment, order book stands at approximately 1 million MT.

GML Infrastructure said that MIHAN India, the concessioning authority for development of Nagpur Airport has annulled the bidding process for the upgradation, modernization, operation and maintenance of Nagpur Airport, previously awarded to the GMR Airports (GAL), a subsidiary of the company. GAL and its associates have initiated for appropriate legal remedies in this regard.

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