Tata Motors announced after market hours on Thursday, 1 October 2015, that sales of passenger and commercial vehicles (including exports) fell by 2% to 45,215 units in September 2015 over September 2014. The domestic sale of Tata commercial and passenger vehicles fell 0.23% to 40,813 units in September 2015 over September 2014.
Tata Motors passenger vehicles sales fell 1.32% to 11,774 units in September 2015 over September 2014.
The sale of the passenger cars in September 2015 were higher by 5% at 10,226 units, compared to 9,766 units in September 2014. Utility vehicles (UV) sales declined by 28% at 1,548 units in September 2015 over September 2014.
In commercial vehicles, medium and heavy commercial vehicles (M&HCV) sales grew by 52% to 15,915 units in September 2015 over September 2014. The light & small commercial vehicle sales however continued to reflect industry decline and were down by 29% to 13,124 units in September 2015 over September 2014. These impacted the overall commercial vehicles sales for Tata Motors in the domestic market, that were flat at 29,039 units in September 2015.
The company's sales from exports declined 16% to 4,402 units in September 2015 over September 2014.
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ICICI Bank on Saturday, 3 October 2015, announced a reduction of 35 basis points in its base rate to 9.35% per annum from 9.7% with effect from 5 October 2015. The base rate is the minimum lending rate charged by a bank.
United Bank of India on Saturday, 3 October 2015, said it has decided to reduce its base rate by 25 basis points to 9.65% from 9.9% with effect from 5 October 2015. The bank has also reduced interest rate on domestic term deposits under various maturity buckets by 0.25% to 0.5%.
Karur Vysya Bank (KVB) said on Saturday, 3 October 2015 that it has decreased its base rate by 35 basis points to 10.4% per annum from 10.75% with effect from 5 October 2015. The bank has also reduced its benchmark prime lending rate (BPLR) to 15.4% per annum from 15.75% with effect from 5 October 2015.
Cummins India announced after market hours on Thursday, 1 October 2015, that it has completed acquisition of the remaining shares of Cummins Svam Sales & Service, making it a wholly-owned subsidiary of the company with effect from 1 October 2015.
National Buildings Construction Corporation (NBCC) announced after market hours on Thursday, 1 October 2015, that it secured total business worth approximately Rs 276.96 crore from various clients in September 2015.
Piramal Enterprises will be in focus. We reference to the news item captioned, "Piramal to Hold 35% in Combo Entity with IL&FS", Piramal Enterprises clarified after market hours on Thursday, 1 October 2015, that the company frequently explores various investment opportunities as part of its business strategy. This evaluation of opportunities includes various criteria, including technical, financial, taxation, commercial, regulatory and legal. Once these criteria are met, it is followed by internal approvals at various levels, post which, comes a comprehensive financial and legal diligence. Projects that come out of this filtration process are then placed before the board for approval. It is an established practice that only those proposals that are definitive and which are disclosable events, are disclosed to the stock exchanges. Any disclosure prior to this would only be speculative. Further, the company clarified that no such proposal as referred to in the captioned news article has been placed for approval of the board.
Kalyani Steels announced after market hours on Thursday, 1 October 2015, that it has increased its equity stake in Lord Ganesha Minerals (LGMPL) from existing 50% to 77.50% and as a result LGMPL has become a subsidiary' of the company.
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