Sensex Opens in Green; Tata Motors Surges Over 10%

Tue, 29 Oct 09:30 am

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Asian share markets are lower today as Japanese and Hong Kong shares fall. The Nikkei 225 is off 0.5% while the Hang Seng is down 0.4%. The Shanghai Composite is trading down by 0.4%. Meanwhile, the S&P 500 hit a record high amid hopes of a deal between the United States and China and investors looked toward a Federal Reserve rate cut later this week.

Back home, India share markets opened flat. The BSE Sensex is trading up by 125 points while the NSE Nifty is trading up by 14 points. The BSE Mid Cap index and BSE Small Cap index opened flat.

Sectoral indices have opened the day on a mixed note with automobiles stocks and metal stocks witnessing maximum buying interest. Telecom stocks and FMCG stocks have opened the day in red.

The rupee is currently trading at 70.73 against the US$.

In the news from the automobiles sector. Tata Motors reported a narrower loss for the second fiscal quarter, on the back of a significant improvement at its marquee Jaguar Land Rover business which is witnessing a recovery in China and as a cost-cutting programmes began to deliver results.

The company posted a consolidated loss of Rs 2.2 billion for the quarter through September, compared with Rs 10.5 billion a year earlier.

Revenue fell 9% from a year earlier to Rs 654.3 billion, but topped expectations of Rs 641.5 billion. Earnings before interest, tax, depreciation and amortization improved 13% to Rs 70.5 billion.

Helped by the recovery in China, albeit on a low base, and the 'Project Charge' cost-cutting programmes, Jaguar Land Rover delivered the highest EBITDA margin in 16 quarters, cushioning the struggling Indian business which is facing weak commercial and passenger vehicle sales.

The company has already saved about 2.2 billion pounds at UK-based JLR, mainly by revising investments and working capital requirements.

However, there was a sharp decline in Tata Motor's domestic business amid a sharp decline in sales of both commercial vehicles and cars. It reported a standalone loss of Rs 12.8 billion, even as revenue declined 44% over a year earlier to Rs 100 billion.

Tata Motors share price rallied over 10% in the opening session.

In the news from the pharma sector. As per an article in a leading financial daily, Dr Reddy's received four observations from the US health regulator USFDA for its facility at Srikakulam in Andhra Pradesh.

The audit of the company's API Srikakulam Plant (SEZ) by the United States Food and Drug Administration (USFDA) was completed on Friday.

Dr Reddy's said that it would address the four concerns within the stipulated timeline.

The audit has been completed on 25 October 2019 and they have been issued a Form 483 with four observations.

An FDA Form 483 is issued to firm management at the conclusion of an inspection when an investigator(s) has observed any conditions that in their judgment may constitute violations of the Food Drug and Cosmetic (FD&C) Act and related Acts.

The FDA Form 483 notifies the company's management of objectionable conditions.

Dr. Reddy's share price opened down by 0.9%.

Here's an interesting data on Dr. Reddy's Lab, investing just Rs 100,000 in Dr. Reddy's Labs in 1992, it would have given a whopping Rs 4.89 crores in 2014!

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