Till 06:15 pm; a combined 780,794 shares changed hands and there were pending buy orders for 23 million shares on the NSE and BSE.
The management hopes that the slew of measures announced by the government so far, as well as their commitments to front end significant infrastructure investments, introduce a scrappage policy and ensure adequate liquidity to micro, small & medium enterprises (MSMEs) will improve the situation in the coming months. READ MORE HERE
Analysts at Antique Stock Broking believe margin/volume/revenue/cash flow will further get amplified in coming quarters with the start of Defender delivery and ramp-up of new Evoque across markets.
“We believe JLR is moving in the right model cycle zone and the impact of this on financials is always top-heavy (aka FY11-14). We believe management confidence of achieving 3-4 per cent EBIT margin FY20/21 is within visible range now and INR650bn fund infusion by promoter Tata Sons at Rs 150/share through shares and convertibles provides needed funding cushion,” the brokerage firm said in result update note and has maintained a ‘buy’ rating on the stock and target price of Rs 197 per share.
Meanwhile, Tata Motors in a regulatory filing said it is to raise equity through a preferential allotment of shares to holding company Tata Sons. The board of directors has approved the raising of Rs 6,500 crore through preferential allotment of ordinary shares and warrants to the promoter. This will deleverage the balance sheet, paring debt of the standalone entity and allowing the business to focus on long-term strategy, besides rating support, it added.